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) announced its FY25 result today, wherein the company recorded unconsolidated profit of Rs6.4bn (EPS of Rs31.94), down 38% YoY.</li><li>The decline in earning is attributable to lower tractor sales which fell by 39% YoY from 30,620 units in FY24 to 18,580 units in FY25.</li><li>It is worth noting that in FY25, the Punjab Government’s Green Tractor Scheme provided a one-off boost to the company’s sales; otherwise, sales would have been even lower.</li></ul>

Millat Tractors Limited (MTL) announced its FY25 result today, wherein the company recorded unconsolidated profit of Rs6.4bn (EPS of Rs31.94), down 38% YoY.The decline in earning is attributable to lower tractor sales which fell by 39% YoY from 30,620 units in FY24 to 18,580 units in FY25.It is worth noting that in FY25, the Punjab Government’s Green Tractor Scheme provided a one-off boost to the company’s sales; otherwise, sales would have been even lower.

Millat Tractors Limited (MTL): FY25 EPS at Rs31.94, Down by 38% YoY - Earnings Slightly Higher Than Expectations