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>Nishat Mills Limited (NML) recorded unconsolidated profit of Rs1,174mn (EPS: Rs3.34) in 4QFY25 up 15% YoY, compared to earnings of Rs1,021mn in 4QFY24 (EPS: Rs2.90). Result came in lower than expectations due to lower-than-expected sales and higher-than-expected effective tax rate.</li><li>Net sales rose 9% YoY while fell 4% QoQ to Rs43bn in 4QFY25. We await detailed accounts to gain clarity on the breakup of these sales.</li><li>The company also announced a cash dividend of Rs2.0/share, equivalent to 11.7% payout ratio (vs 16.6% in FY24), which was lower than expectations.</li></ul>

Nishat Mills Limited (NML) recorded unconsolidated profit of Rs1,174mn (EPS: Rs3.34) in 4QFY25 up 15% YoY, compared to earnings of Rs1,021mn in 4QFY24 (EPS: Rs2.90). Result came in lower than expectations due to lower-than-expected sales and higher-than-expected effective tax rate.Net sales rose 9% YoY while fell 4% QoQ to Rs43bn in 4QFY25. We await detailed accounts to gain clarity on the breakup of these sales.The company also announced a cash dividend of Rs2.0/share, equivalent to 11.7% payout ratio (vs 16.6% in FY24), which was lower than expectations.

Nishat Mills Limited (NML): 4QFY25 EPS at Rs3.34 - Earnings Lower Than Industry Expectations