External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Maple Leaf Cement Factory / Equity Bottom-Up

<ul><li>MLCF's 3QFY25 earnings surged by 85% YoY, reaching Rs2.8bn (EPS of Rs2.67), though they decreased by 25% QoQ.</li><li>The earnings exceeded expectations due to higher gross margins, lower distribution costs, and a reduced effective tax rate.</li><li>No cash dividend was announced, aligning with expectations, and gross margins improved YoY due to lower coal costs and increased domestic dispatches.</li></ul>

MLCF's 3QFY25 earnings surged by 85% YoY, reaching Rs2.8bn (EPS of Rs2.67), though they decreased by 25% QoQ.The earnings exceeded expectations due to higher gross margins, lower distribution costs, and a reduced effective tax rate.No cash dividend was announced, aligning with expectations, and gross margins improved YoY due to lower coal costs and increased domestic dispatches.

Maple Leaf Cement (MLCF): 3QFY25 EPS at Rs2.67, up by 85% YoY (Earnings higher than expectations)