Millat Tractors Limited (MTL): 2QFY25 EPS clocked in at PKR 16, up 3%YoY - By Taurus Research
Feb 19 2025
Taurus Securities
- 2QFY25: – EPS: PKR 16, DPS: PKR 45, PAT: ~PKR 19.5Bn, up 1.5xQoQ.
- MTL’s net sales clocked-in at ~PKR 30.5Bn, up 1.5xQoQ, primarily due to surge in tractor sales, up 1.9xQoQ. Similarly, PAT arrived at ~PKR 3Bn up 3%YoY/ 4.3xQoQ; mainly due to the launch of the Green Tractor Scheme in Punjab. Wherein, the Punjab Government is likely to provide 9,500 tractors to farmers on a subsidy basis to the tune of PKR 1Mn; with locally manufactured tractors of 50HP to 85HP, positioning MTL as a significant beneficiary of the program.
- On quarterly basis, the finance cost remained unchanged whereas it rose 3.5xYoY compared to the SPLY.
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