External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Sazgar Engineering Works Limited / Equity Bottom-Up

Sazgar Engineering Works Limited (SAZEW PK)

<ul><li>SAZEW announced its FY25 result, wherein the company recorded profit of Rs16.3bn (EPS of Rs270.22), up 2.06x YoY.</li><li>During 4QFY25, the company reported profit of Rs3.5bn (EPS 57.58) flattish YoY while down 44% QoQ. The result came lower than industry expectations as gross margins clocked in lower than expected.</li><li>The company reported gross margins of 25.1% in 4QFY25, compared to 29.1% in 4QFY24 and 32.6% in 3QFY25. This took FY25 gross margins to 29.1% in FY25 vs. 27.1% in FY24. We await detailed accounts to assess the reasons for this sharp decline in 4QFY25.</li></ul>

SAZEW announced its FY25 result, wherein the company recorded profit of Rs16.3bn (EPS of Rs270.22), up 2.06x YoY.During 4QFY25, the company reported profit of Rs3.5bn (EPS 57.58) flattish YoY while down 44% QoQ. The result came lower than industry expectations as gross margins clocked in lower than expected.The company reported gross margins of 25.1% in 4QFY25, compared to 29.1% in 4QFY24 and 32.6% in 3QFY25. This took FY25 gross margins to 29.1% in FY25 vs. 27.1% in FY24. We await detailed accounts to assess the reasons for this sharp decline in 4QFY25.

Sazgar Engineering (SAZEW): SAZEW FY25 EPS at Rs270.22, Up 2.06x YoY – Lower Than Industry Expectations