External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Millat Tractors Limited (MTL) reported a significant decline in profit for 3QFY25 with an EPS of Rs7.24, representing a 56% decrease YoY and a 54% decrease QoQ.</li><li>The company experienced a decline in sales of 50% YoY and 36% QoQ, with tractor sales dropping to 4,411 units in 3QFY25.</li><li>Despite the decrease in sales, gross margins improved to 28.3% in 3QFY25, up by 283bps QoQ and 398bps YoY.</li></ul>

Millat Tractors Limited (MTL) reported a significant decline in profit for 3QFY25 with an EPS of Rs7.24, representing a 56% decrease YoY and a 54% decrease QoQ.The company experienced a decline in sales of 50% YoY and 36% QoQ, with tractor sales dropping to 4,411 units in 3QFY25.Despite the decrease in sales, gross margins improved to 28.3% in 3QFY25, up by 283bps QoQ and 398bps YoY.

Millat Tractors Limited (MTL): 3QFY25 EPS at Rs7.24 - Earnings Lower than Expectations