The Hub Power Company Limited (HUBC): 2QFY25 Consolidated EPS to arrive at PKR 7.7; PAT down 34%YoY - By Taurus Research

Feb 25 2025


Taurus Securities


  • Board Meeting: February 26, 2024. 2QFY25 EPS: PKR 7.7; DPS: PKR 3; 1HFY25 EPS: PKR 22.5; DPS: PKR 3. PAT: Down 10%.
  • Revenue: Net sales are expected to decline by 39%YoY and 43%QoQ to PKR 18.3Bn, driven by the early termination of the Base Plant PPA and lower utilization owing to lower power demand during winter. Gross profit is projected to fall 61%YoY, while PAT is expected to drop 34%YoY to PKR 10Bn.
  • Share of profit from associates: Earnings from associates are anticipated to decline 9%YoY, primarily due to lower contributions from CPHGC
Hub Power Company (HUBC): 2QFY25 EPS at Rs3.25, down 72% YoY and 78% QoQ – lower than expectations - By Topline Research

Feb 26 2025


Topline Securities


  • Hub Power Company (HUBC) announced its 2QFY25 result wherein company reported earnings of Rs4.2bn (EPS of Rs3.25), down 72% YoY and 78% QoQ —falling short of expectations due to lower gross profits and higher other expenses.
  • This brings 1HFY25 profits to Rs 23.3bn (EPS 17.99) a 28% decline from 1HFY24 where a Rs32.4bn (EPS 24.95) earning was recorded.
  • HUBC declared a Rs5/share dividend for 2QFY25, above industry expectations.
Hub Power Company (HUBC): 2QFY25 EPS at Rs3.25, down 72% YoY and 78% QoQ – lower than expectations - By Topline Research

Feb 26 2025


Topline Securities


  • Hub Power Company (HUBC) announced its 2QFY25 result wherein company reported earnings of Rs4.2bn (EPS of Rs3.25), down 72% YoY and 78% QoQ —falling short of expectations due to lower gross profits and higher other expenses.
  • This brings 1HFY25 profits to Rs 23.3bn (EPS 17.99) a 28% decline from 1HFY24 where a Rs32.4bn (EPS 24.95) earning was recorded.
  • HUBC declared a Rs5/share dividend for 2QFY25, above industry expectations.
Hub Power Company Ltd (HUBC): 2QFY25 Result Review — Resumes cash-payout post base-plant termination - By AKD Research

Feb 26 2025


AKD Securities


  • Hub Power Company Ltd (HUBC) announced its 2QFY25 results earlier today, where-in the company reported consolidated NPAT of PkR4.2bn (EPS: PkR3.25), down by 72%YoY and significantly lower than expectations due to sharp-increase in other expenses and elevated effective tax rates. Alongside the result, the company announced a half-yearly cash dividend of PkR5.0/sh.
  • Consolidated revenue for the quarter clocked in at PkR15.5bn, down by 48% YoY vs. PkR29.9bn in SPLY. The contraction was primarily driven by the termination of the base plant’s PPA, effective Oct 1st, 2024, leading to a significant compression in the consolidated topline. Resultantly, company’s gross profitability amounted to 41%, compared to 56%/56% in 2QFY24/1QFY25, respectively.
  • Finance cost amounted to PkR4.1bn, down by 41%YoY. The decline was led due to falling interest rates and lower debt level
The Hub Power Company Limited (HUBC): 2QFY25 Consolidated EPS arrived-in at PKR 3.2 ; PAT down 68%YoY - By Taurus Research

Feb 26 2025


Taurus Securities


  • 2QFY25 EPS: PKR 3.2; DPS: PKR 5; 1HFY25 EPS: PKR 18.0; DPS: PKR 5.0. PAT: Down 27%.
  • 2QFY25 consolidated revenue declined by 52%QoQ, settling at PKR 15.5Bn, likely due to the termination of the Base Plant PPA and lower power generation demand during winter. Consequently, HUBC's other expenses surged by PKR 3.6Bn, a 5x increase. We await further clarity on this matter from the company.
  • The share of profit from associates stood at PKR 9.8Bn, down 7%QoQ, which can be attributed to lower load factors for CPHGC and Thal Nova during the quarter.
Pakistan Power: HUBC & NPL — 2QFY25E Result Previews - By AKD Research

Feb 25 2025


AKD Securities


  • HUBC – 2QFY25E earnings to clock in at PkR9.0/sh: We expect Hub Power Company Ltd (HUBC) to post NPAT of PkR11.8bn (EPS: 9.07/sh) for 2QFY25, down 23%YoY/39%QoQ. The decline is primarily attributed to the termination of PPA for the base plant, effective October 1, 2024, leading to a lower topline of PkR17.2bn (down 43%YoY/46%QoQ). Notably, power offtakes from the company’s RFO and imported coal-based generators remain subdued during the quarter, while indigenous coal IPPs remained active throughout, benefiting from a higher ranking in NTDC’s merit order. On the non-operating front, share of profit from associates is expected to clock in at PkR10.7bn for the period (up 1%YoY). We do not anticipate the company to announce a cash dividend during the period (vs. PkR4.0/sh in SPLY), however, any payout would be a positive development. We reiterate our ‘BUY’ stance on HUBC with a Dec’25 TP of PkR151/sh, alongside a DY of 4% during the same period.
  • NPL expected to announce PkR2.0/sh payout in 2QFY25E: We anticipate Nishat Power Limited (NPL) to report NPAT of PkR982mn (EPS: PkR2.77) for 2QFY25E, up 14%YoY. The increase in earnings is due to higher finance income, supported by elevated cash and short-term investment balances of PkR11bn during the quarter (up 31%YoY). Additionally, the receipt of any outstanding dues from CPPA-G is expected to further strengthen the liquid position, partially offsetting the impact of declining fixed-income yields during the period. Regarding operations, plant utilization remained near 0% during the quarter (vs. 6%/7% in SPLY/1QFY25), primarily due to lower generation from RFO-based sources amid subdued power demand during the winter season. Alongside the results, we expect NPL to announce a half-year cash dividend of PkR2.0/sh, taking cumulative payout to PkR4.0 during the first half (vs. PkR2.50/sh in 1HFY24). Overall, we reiterate our ‘BUY’ stance on NPL with a Dec’25 TP of PkR46/sh, alongside a DY of 20% during the same period.
The Hub Power Company Limited (HUBC): 2QFY25 Consolidated EPS to arrive at PKR 7.7; PAT down 34%YoY - By Taurus Research

Feb 25 2025


Taurus Securities


  • Board Meeting: February 26, 2024. 2QFY25 EPS: PKR 7.7; DPS: PKR 3; 1HFY25 EPS: PKR 22.5; DPS: PKR 3. PAT: Down 10%.
  • Revenue: Net sales are expected to decline by 39%YoY and 43%QoQ to PKR 18.3Bn, driven by the early termination of the Base Plant PPA and lower utilization owing to lower power demand during winter. Gross profit is projected to fall 61%YoY, while PAT is expected to drop 34%YoY to PKR 10Bn.
  • Share of profit from associates: Earnings from associates are anticipated to decline 9%YoY, primarily due to lower contributions from CPHGC
Hub Power Company Ltd. (HUBCO): From heights to hurdles – By Insight Research

Dec 19 2024


Insight Securities


  • HUBC recently witnessed a rally, rising by 41% from its 52- week low of PKR93/sh. The rally began following a notice regarding a shareholder agreement with Mega Conglomerate Pvt. Ltd. to acquire a 50% stake in Mega Motor Company. This move will reduce HUBC's exposure to BYD, potentially increasing its dividend payout capacity, and secure a stake in a long-term value-generating business. The company’s focus on electric vehicles (EVs) and batteries is well-aligned with the government’s target to convert 30% of new vehicles to EVs, which will be supported by the upcoming New Energy Vehicle (NEV) policy.
  • While this development offer growth prospects, significant risk remains for HUBC. As per newsflows, the government has reached settlements with 17 IPPs established under the 1994 and 2002 policies, transitioning them to a hybrid take-and-pay framework. We believe that HUBC’s Narowal (RFO) and Laraib Energy (Hydel) plants are also part of these discussions, with settlements expected to align with the terms agreed upon with other IPPs.
  • Following these developments and recent run in stock price, we have a ‘HOLD’ stance on HUBC, with a SOTP based target price of PKR138/sh. However, risks persist for HUBC’s CPECrelated plants as well, as the government task force may also consider revising their PPAs, which could pose further challenges.
Engro Powergen Qadirpur Limited (EPQL): 1QCY25 EPS arrive at PKR 1.19, up 1.5xQoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • 1QCY25 EPS: PKR 1.19; DPS: PKR 7.5.
  • Revenue increased 9%QoQ to PKR 3.1Bn, attributed to improved dispatches amid seasonal demand recovery. However, YoY growth remained flat due to the impact of revised PPA terms, which converted the plant's structure to a 'take-and-pay' regime, limiting guaranteed capacity payments.
  • Finance income stood at PKR 26Mn versus PKR 238Mn in 1QCY24 (SPLY), reflecting the absence of late payment surcharge (LPS) which previously contributed significantly. The decline was anticipated after the company received PKR 8.04Bn in overdue receivables under the revised PPA settlements.
Commercial Banks: 1QCY25 Result Preview: Payouts to remain intact - By AKD Research

Apr 15 2025


AKD Securities


  • AKD Banking Universe is set to announce its 1QCY25E results, where we expect profitability to decline by 12%QoQ, as contraction in NIMs and a drop in nonmarkup income are expected to outweigh the impact of lower operating expenses and reduced taxation.
  • We anticipate our banking universe to maintain dividends in the first quarter, supported by resilient capitalization amid monetary easing, recovery in macro economic variables and removal of mandated ADR based taxation during the previous quarter.
  • Profitability to take a hit from declining yields: AKD Banking Universe is set to announce its 1QCY25E results, where we expect profitability to decline by 12%QoQ to PkR75.1bn, as contraction in NIMs and a drop in non-markup income are expected to outweigh the impact of lower operating expenses and reduced taxation.
United Bank Limited (UBL): 1QCY25 EPS to clock-in at PKR 18.4; PAT up 43%YoY/down 12%QoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • Board Meeting: Wednesday, April 16, 2025
  • 1QCY25 EPS: PKR 18.4. 1QCY25 PAT up 43%YoY. UBL is also expected to announce an interim cash dividend of PKR 12/sh.
  • Net Interest Income (NII): Expected to go up 2xYoY/9%QoQ, driven by robust growth in current accounts and a lower cost of funds as changes to the MDR regime go into effect, along with a drop in leverage on a sequential basis – offsetting the pressure on yields, specially on the Bank’s investment portfolio.
Technical Outlook: KSE-100: Closed above 30-DMA - By JS Research

Apr 15 2025


JS Global Capital


  • The KSE-100 index posted a gain of 1,537 points to close at 116,390. Volumes stood at 485mn shares compared to 459mn shares traded in the previous session. The index has closed above the 30-DMA which will now provide support at 115,535, followed by 114,357 (50-DMA). However, any upside will face resistance in the range of 116,500-117,300 where a break above targeting 118,718 level. The RSI and the Stochastic Oscillator have improved, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below the 30-DMA. The support and resistance levels are at 115,593 and 116,840 levels, respectively.
Morning News: IMF concludes Pak visit, set to propose transparency reforms - By Vector Research

Apr 15 2025


Vector Securities


  • The International Monetary Fund (IMF) has identified key shortcomings in Pakistan's governance, including the politicisation of the civil service, weak organisational accountability, and excessive focus on short-term goals. These issues, the IMF noted, contribute to broader governance weaknesses and increase vulnerability to corruption. The report which is expected to be made public by August this year will give recommendations for ensuring greater transparency and improving the public sector delivery by minimising the chances of corruption and through merit-based decisions.
  • With the halt of USAID operations by President Donald Trump, Pakistan’s total portfolio of $445 million has been affected over five years, surfacing a gap of $40 million for the current fiscal year for on-budget development projects. “However, in a positive development on the external front, Fitch Ratings might upgrade Pakistan’s rating within a few days”, top official sources confirmed while talking to The News on Monday. The Fitch might upgrade from a notch of CCC+ to BBB keeping in view the reduced risk of default.
  • Members of the delegation of US congressmen visiting Pakistan have described their trip to the South Asian country as "extremely productive" and “significant for the future", which is good news for the mineral-rich country. The delegation also attended the Pakistan Mineral Investment Forum 25 (PMIF25) last week in Islamabad.
Morning News: Trade gap with ME widens - By WE Research

Apr 15 2025



  • Pakistan’s trade deficit with the Middle East widened by 9.75% to $9.35 billion in the first eight months of FY25, mainly due to a surge in petroleum imports, particularly a 20.29% increase in crude oil volumes. While exports to the region rose modestly—by 3.56% to $2.095 billion—imports jumped 8.56% to $11.44 billion during the same period. Despite a narrowing of the trade gap in FY24 due to lower petroleum consumption, the deficit has grown again, raising concerns. Pakistan recently signed a free trade agreement with GCC states to address the imbalance, with notable export growth to the UAE, Saudi Arabia, and Qatar. Exports to Saudi Arabia rose 10.59% and to the UAE by 5.84% during July-February, while imports from both also fluctuated. However, exports to Bahrain, Kuwait, and Qatar declined significantly, while imports from these countries mostly increased, further contributing to the widening trade deficit.
  • In the upcoming 2025–26 federal budget, the Pakistani government is expected to raise taxes on a wide range of food and beverage items to increase tax revenue. Proposed measures include doubling the excise duty on soft drinks, sweetened beverages, and juices from 20% to 40%, while introducing a new 20% tax on industrial dairy products. Meat products, bakery goods, and confectionery items— such as chocolate, pastries, and cereals—are also likely to face a 50% tax increase, along with frozen desserts and products made from animal or vegetable fats. These tax hikes are planned to be implemented gradually over three years. Simultaneously, the defence budget is set to increase by Rs159 billion to Rs2,281 billion for FY26, marking a 7.49% rise from the previous year and a Rs263.2 billion increase since FY24, highlighting a continued focus on national security amid broader fiscal reforms.
  • Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a high-level meeting on priority sector lending aimed at aligning Pakistan’s financial sector with the government's export-led growth agenda. Attended by key officials from the State Bank, the Pakistan Banks Association, and leading banks, the session emphasized the banking sector's vital role in facilitating foreign direct investment and supporting export-oriented industries. The minister highlighted the successful Pakistan Minerals Summit and Maersk Line’s $2 billion investment in maritime infrastructure as indicators of investor confidence. He stressed the need for sustainable, investment-led economic growth, avoiding past boom-bust cycles. Notably, this year’s budget process was initiated early, incorporating stakeholder feedback from commerce chambers. Zafar Masud of the PBA presented updates on banking support for agriculture, SMEs, and digital sectors, including initiatives like electronic warehouse receipt finance and SME performance indices. The minister concluded with a call for coordinated efforts to develop fintech-driven credit solutions for smallholder farmers and to ensure long-term economic transformation rooted in stability, inclusivity, and resilience.
Engro Powergen Qadirpur Limited (EPQL):1QCY25 EPS to clock-in at PKR 0.04; PAT of ~PKR 13Mn - By Taurus Reseach

Apr 14 2025


Taurus Securities


  • 1QFY25 EPS: PKR 0.04; PAT: PKR 13Mn, down 98%YoY over the SPLY.
  • Revenue is expected to grow slightly on a sequential basis due to seasonal pickup in demand. However, YoY topline may decline by 5% owing to the revised PPA structure, wherein ROE component has been shifted to the 'take-and-pay' basis, reducing guaranteed capacity revenues.
  • Finance costs & income are expected to undergo a structural shift – EPQL previously recorded sizable finance income from late payment surcharge, which has ceased following the full settlement of PKR 8.4Bn receivables. As a result, net finance income is expected to convert into finance cost, although lower short-term borrowings should limit the overall impact.
Pakistan Cement: FCCL & KOHC: 3QFY25 result previews - By JS Research

Apr 14 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Fauji Cement Company Ltd (FCCL) and Kohat Cement Company Ltd (KOHC).
  • We expect FCCL and KOHC to post earnings of Rs1.02/share and Rs12.89/share, reflecting growth of 41% and 23% YoY, respectively. This improvement is primarily driven by higher gross margins — up 3.3ppt YoY for FCCL and 8.5ppts for KOHC — supported by higher retention prices and lower coal costs during 3QFY25 compared to 3QFY24.
  • The proposed increase in limestone royalty rates in KPK, aligning them with those in Punjab, is expected to weigh negatively on both companies. However, reduction in power tariffs may partially offset this impact, given both companies' significant reliance on the national grid.
Pakistan Economy: Tariffs put USD 115Trn world economy at risk - By Taurus Research

Apr 14 2025


Taurus Securities


  • Global equity markets plunged enormously in the aftermath of the announcement of reciprocal tariffs on about 90 countries by the US President Donald Trump, putting the USD 115Trn global economy at risk. Wherein, the new tariff rates seemed to have been somewhat ludicrously calculated; inflicting disparate punishment on several countries, as they scrambled to renegotiate.
  • The tariffs include a 10% base-line tariff on all imports into the US, with additional tariffs of up to 34% on China (now raised to 145%), 20% on the EU, 29% on Pakistan, 26% on India and so on.
  • Accordingly, the MSCI World & the MSCI Emerging Markets Indices, which cover 85% of the free-float adjusted large-cap and mid-cap stocks in 23 developed and 24 emerging markets, respectively, were down ~11% owing to the announcement of the tariffs, with trillions of dollars being wiped out from the financial markets globally—amidst heightened global macroeconomic uncertainty, putting the USD 115Trn global economy at risk.
Pakistan Cement: Cement profitability likely to increase by 40% YoY in 3QFY25 Led by lower finance costs and higher sales - By Topline Research

Apr 14 2025


Topline Securities


  • Topline Cement Universe is expected to post profitability of Rs16.0bn in 3QFY25 against profit of Rs11.4bn in 3QFY24, up by 40% YoY, mainly due to lower finance costs and higher sales.
  • Net sales are anticipated to increase by 10% YoY to Rs93.7bn in 3QFY25 mainly due to higher YoY domestic retention prices and higher YoY total dispatches.
  • Finance costs in 3QFY25 is likely to decrease by 44% YoY to Rs2.8bn due to lower interest rates
Engro Powergen Qadirpur Limited (EPQL): 1QCY25 EPS arrive at PKR 1.19, up 1.5xQoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • 1QCY25 EPS: PKR 1.19; DPS: PKR 7.5.
  • Revenue increased 9%QoQ to PKR 3.1Bn, attributed to improved dispatches amid seasonal demand recovery. However, YoY growth remained flat due to the impact of revised PPA terms, which converted the plant's structure to a 'take-and-pay' regime, limiting guaranteed capacity payments.
  • Finance income stood at PKR 26Mn versus PKR 238Mn in 1QCY24 (SPLY), reflecting the absence of late payment surcharge (LPS) which previously contributed significantly. The decline was anticipated after the company received PKR 8.04Bn in overdue receivables under the revised PPA settlements.
United Bank Limited (UBL): 1QCY25 EPS to clock-in at PKR 18.4; PAT up 43%YoY/down 12%QoQ - By Taurus Research

Apr 15 2025


Taurus Securities


  • Board Meeting: Wednesday, April 16, 2025
  • 1QCY25 EPS: PKR 18.4. 1QCY25 PAT up 43%YoY. UBL is also expected to announce an interim cash dividend of PKR 12/sh.
  • Net Interest Income (NII): Expected to go up 2xYoY/9%QoQ, driven by robust growth in current accounts and a lower cost of funds as changes to the MDR regime go into effect, along with a drop in leverage on a sequential basis – offsetting the pressure on yields, specially on the Bank’s investment portfolio.
Pakistan Economy: Tariffs put USD 115Trn world economy at risk - By Taurus Research

Apr 14 2025


Taurus Securities


  • Global equity markets plunged enormously in the aftermath of the announcement of reciprocal tariffs on about 90 countries by the US President Donald Trump, putting the USD 115Trn global economy at risk. Wherein, the new tariff rates seemed to have been somewhat ludicrously calculated; inflicting disparate punishment on several countries, as they scrambled to renegotiate.
  • The tariffs include a 10% base-line tariff on all imports into the US, with additional tariffs of up to 34% on China (now raised to 145%), 20% on the EU, 29% on Pakistan, 26% on India and so on.
  • Accordingly, the MSCI World & the MSCI Emerging Markets Indices, which cover 85% of the free-float adjusted large-cap and mid-cap stocks in 23 developed and 24 emerging markets, respectively, were down ~11% owing to the announcement of the tariffs, with trillions of dollars being wiped out from the financial markets globally—amidst heightened global macroeconomic uncertainty, putting the USD 115Trn global economy at risk.
Pakistan Auto: Mar’25: Passenger Vehicle Sales up 18%YoY - By Taurus Research

Apr 11 2025


Taurus Securities


  • According to data from the Pakistan Automotive Manufacturing Association (PAMA), automobile sales in Mar’25 exhibited an increase of 56% in volumes for passenger cars, light commercial vehicles (LCVs), and Jeeps, totaling 100,529 units in 9MFY25. Subsequently MoM sales experienced a 18% increase compared to Feb’25. INDU’s and SAZEW’s market share rose by 7ppts and 1ppts respectively, compared to the last month. Whereas, market share for, PSMC and HCAR declined by 3pptsMoM, and 4pptsMoM, respectively.
  • YoY growth in of sales during Mar’25 can be attributed to several factors, including falling inflation, lower fuel prices, reduction in interest rates and stable car prices along with the release of new variants. Moreover, the Government is also mulling to increase the cap on auto financing from the PKR 3Mn to PKR 6Mn. Regardless, of Feb’25, auto financing stood at ~PKR 317Bn, reflecting a 2%MoM increase.
Systems Limited (SYS): CY24 Corporate Briefing Takeaways - By Taurus Research

Apr 11 2025


Taurus Securities


  • Systems Limited posted a PAT of ~PKR 6.12Bn in CY24, down 29%YoY from ~PKR 8.56Bn in CY23, mainly due to PKR appreciation and higher retention costs. Management noted profits could have been 48% higher under historical currency trends and 10% higher with a stable exchange rate.
  • Despite the profit drop, revenue grew 20%YoY to ~PKR 38.53Bn, with 94% earned in foreign currency. Regional revenue was led by the Middle East & Africa (59%), followed by North America (21%), Pakistan (13%), Europe (4%) and Asia specific (3%), respectively.
  • Export revenue made up 90% of the total, with domestic contributions expected to remain around 10%.
Fertilizer:1QCY25E earnings to drop on lower off-take - By Taurus Research

Apr 10 2025


Taurus Securities


  • We expect Fertilizer players in our universe to witness a decline in profitability (24%YoY) on the back of drastic drop in off-take during 1QCY25 i.e. Urea down 40%YoY and DAP down 50% YoY, attributed to continuous disruption in water supply (Rabi Season 2024-25), lower farm economics, weak outlook for wheat and seasonality effect i.e. Ramazan and Eid Holidays.
  • However, EFERT’s market share dropped to 23% (down 10pptsYoY) in 1QCY25 owning to higher gas tariffs compared to FFC along with increase in the market share post amalgamation with FFBL during 2HCY24 (up 13pptsYoY in 1QFY25). Further, disparity in gas pricing mechanism has put significant pressure on the margins (down 7pptsYoY in 1QCY25) of EFERT, forcing it to sell Urea at a discounted price (dropped by PKR 100/bag during 1QCY25).
Mughal Iron & Steel Industries Limited (MUGHAL): 1HFY25 Corporate Briefing Takeaways - By Taurus Research

Apr 9 2025


Taurus Securities


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  • With regards to the non-ferrous sales, the management discussed that the Company’s exports of Copper and Aluminum would remain subdued due to ongoing geo-political issues (US – China trade war), recent price competition in the EVs globally and sluggish growth in China’s industrial activity. However, the management expects slight recovery in exports on the back of anticipating some recovery in Chinese Economy during 2nd half of 2025.
  • The management shared some views regarding benefiting from the recent changes globally i.e. imposition of US tariffs. They told that the US administration did not discuss specifically about imposing tariffs on steel products. So, they expect steel market to remain stable and may not consider a backlash on the recent changes in global dynamics
Hoechst Pakistan Limited (HPL): FY24 Corporate Briefing Takeaways - By Taurus Research

Apr 8 2025


Taurus Securities


  • HPL, formerly known as Sanofi-Aventis Pakistan Limited, has experienced a remarkable transformation since its acquisition by Packages Group. The Company has seen significant growth, reflected in its recent financial performance, including its highest-ever PAT. In FY24, HPL reported a revenue of ~PKR 26Bn, marking a 25%YoY increase from PKR 21Bn in FY23.
  • The Company's margins improved by 6ppts, reaching 32%, driven by a favorable sales mix and a robust product portfolio. Notably, HPL achieved a PAT of ~PKR 1.8Bn, up 4.2xYoY from PKR 361Mn in the previous year. This impressive growth can be attributed to higher sales, enhanced gross margins, effective cost optimization, and a strategic pricing approach.
  • HPL's sales mix is composed of 30% non-essential drugs and 70% essential medications. The revenue stream is generated from 54% imported medicines, primarily essential drugs, and 46% locally produced products. The Company’s portfolio features well-known medications, including Flagyl, Clexane, Haemaccel, and Selsun Blue.
Economy: KSE-100 index up 4.02%MoM in March 2025 (+4,555 points) - By Taurus Research

Mar 27 2025


Taurus Securities


  • KSE-100 index closed at 117,807 as of Mar'25, up 4.02%MoM (+4,555 points). Net FIPI outflow clocked-in USD 11.97Mn during Mar'25.
  • Average value traded in Mar'25: PKR 24.0Bn – down 1%MoM.
  • Average volume traded in Mar'25: 364.7Mn shares – down 29%MoM
Pakistan Economy: IMF reaches SLA on the first EFF review - By Taurus Research

Mar 26 2025


Taurus Securities


  • Pakistan and the IMF have reached Staff-level Agreement (SLA) on the first EFF review, paving the way for the disbursement of USD 1Bn, subject to approval by the IMF Executive Board. Accordingly, cumulative disbursement to Pakistan under the ongoing EFF to date would reach USD 2Bn. Additionally, Pakistan has also secured a new 28-month program amounting to USD 1.3Bn, under the IMF’s Resilience and Sustainability Facility (RSF).
  • Nevertheless, the IMF has also acknowledged the ‘significant progress’ made over the last 18-months in restoring macroeconomic stability and rebuilding confidence despite a challenging global environment. Wherein, although economic growth remains moderate, inflation has declined substantially, financial conditions have improved, sovereign spreads have narrowed significantly, and the external position is much more robust.
  • Conversely, the IMF continues to highlight policy slippages (driven by pressures to ease policies) as the biggest downside risk along with volatile global commodity prices, tightening global financial conditions, and rising protectionism amidst tariffs.
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