Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Fatima Fertilizer Company Limited (FATIMA): Earnings Dip 39% QoQ on Lower Offtake - By IIS Research

Apr 25 2025


Ismail Iqbal Securities


  • FATIMA announced its 1QCY25 results today. On a consolidated basis, EPS came in at PKR 3.99 (our expectations of PKR 4.21). with Sales declining by 21% YoY and 40% QoQ to PKR 51.96 billion, primarily due to lower Offtakes. Despite this, gross margins remained better at 40% (vs. 42% YoY and 32% QoQ) indicating cost efficiencies as production levels remained largely consistent.
  • Inventory levels remain high, with FATIMA holding 233KT of urea, which accounts for 28% of the total industry stock, as well as 258KT of CAN, a product it produces exclusively within the industry. The overall industry continues to struggle with offtake, primarily due to reduced farm incomes following the shift from a crop support price regime to a free market system, while input costs have remained unchanged.
  • Finance costs rose sharply by 131% YoY, due to higher borrowings. The effective tax rate for the quarter stood at 39%, compared to 49% in the SPLY and 37% in the previous quarter.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Fatima Fertilizer Company Ltd. (FATIMA) : 4QCY24 Result Review Record earnings on higher sales and improved margins - By AKD Research

Mar 14 2025


AKD Securities


  • Fatima Fertilizer Company Ltd. (FATIMA) announced its 4QCY24 financial results, reporting consolidated earnings of PkR13.6bn (EPS: PkR6.5), compared to PkR10.0bn (EPS: PkR4.8) in SPLY, an increase of 36%YoY. The said growth is primarily attributed to higher sales and improved gross margins. The earnings came in line with our expectations. Alongside the result, company announced a final cash dividend of PkR4.25/sh, taking the full-year dividend to PkR7.0/sh.
  • Revenue stood at PkR85.9bn, a 16%YoY increase from PkR74.0bn in SPLY. The said growth is driven by increase in retention prices across the product line, with quarterly avg. prices rising 26%/23%/9%YoY for Urea, CAN, and NP, respectively. Additionally, sales volumes for Urea, CAN, and NP increased by 1%/1%/48%YoY, respectively.
  • Gross margins improved to 31.5% from 30.3% in SPLY, mainly due to the increase in retention prices and the availability of comparatively low-cost gas for the company’s Sadiqabad plant.
Fatima Fertilizer Company Limited (FATIMA): 4QCY24 EPS clocked in at PKR6.49 – Below expectation - By Insight Rresearch

Mar 14 2025


Insight Securities


  • FATIMA has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR13.6bn (EPS: PKR6.49) vs. PAT of PKR10.0bn (EPS: PKR4.77) in SPLY. The result is below our expectation mainly due to lower than expected margins.
  • Revenue for the quarter clocked in at PKR85.9bn vs. PKR73.9bn in SPLY, mainly attributable to higher offtakes coupled with increase in product prices.
  • Gross margins increased by ~120bps YoY, to clock in at ~32% possibly attributable to increase in product prices. While on QoQ margins declined by 220bps despite increase in offtakes.
Fatima Fertilizers Company Limited (FATIMA): Improved profitability led by better margins – By JS Research

Dec 26 2024


JS Global Capital


  • Fatima Fertilizers Company Limited (FATIMA) has rallied 143% during CYTD, outperforming KSE-100 index by ~63% mainly due to improved profitability prospects. To recall, the company reported net earnings of Rs23bn (+79%YoY), translating into an EPS of Rs10.78 for 9MCY24.
  • The management in the recent analyst briefing session shared that fertilizer inventory buildups due to weaker demand in Kharif season, is likely to be cleared in the upcoming months, while the company intends to continue operating plants at optimal level. No major plant turnaround is planned for the upcoming year.
  • On the gas price unification issue, the management highlighted that any such development remains unlikely in near future owing to several constraints including sovereign guarantees on Fertilizer Policy 2001, and other legal constraints.
Fatima Fertilizer Company Limited (FATIMA): 9MCY24 Analyst briefing takeaways – By Insight Research

Dec 24 2024


Insight Securities


  • Fatima Fertilizer Company Limited has conducted its 9MCY24 analyst briefing to discuss financial results and future outlook. We have summarized following key takeaways from the briefing
  • FATIMA has posted PAT of PKR22.8bn (EPS: PKR10.84) in 9MCY24 vs. PKR13.0bn (EPS: PKR6.19) in SPLY, up by 75% YoY, amid higher fertilizer prices.
  • Fatima aggregate fertilizer offtakes clocked in at 1,683KT in 9MCY24, whereas productions stands at 2,140KT in 9MCY23. To note, FATIMA has recorded aggregate market share of 25.6% in 9MCY24 vs. 28.3% in SPLY.
Market Wrap: Highlights of the day July 7, 2025 - By JS Research

Jul 7 2025


JS Global Capital


  • The KSE-100 Index surged 1.4% to an all-time intraday high of 133,862.01, driven by optimism over trade negotiations, macroeconomic stability, and a strong corporate earnings outlook. Falling inflation, strengthening FX reserves, and capital inflows are enhancing investor confidence, while higher taxes on alternative assets are redirecting capital into equities. With earnings season ahead and technical indicators breaking new ground, we expect the bullish momentum to persist in the near term, supported by favorable macro trends and reallocation from fixed-income instruments.
Market Wrap: Bullish Momentum Carries KSE-100 Beyond 133,000 - By HMFS Research

Jul 7 2025


HMFS Research


  • The market continued its unrelenting bullish streak, surging past the 133,862 mark for the first time in history. This milestone rally was fueled by renewed investor confidence, driven by key trade developments and sector-specific momentum. Investor sentiment received a notable boost as Pakistan and the U.S. concluded a critical round of trade talks ahead of the July 9 deadline. While an official announcement is still awaited, early signs point to a favorable deal for Pakistan’s export sectors. Adding to the positive momentum, OGDC reported a production uplift following the successful installation of an ESP at Rajian-05, where it holds full ownership—further reinforcing its operational strength. The rally was led by the banking and fertilizer sectors, supported by expectations of strong upcoming results and favorable sectoral tailwinds. The KSE-100 index closed at 133,370 level, up 1,421 points in a robust session. Market activity remained upbeat, with 344 million shares traded on the KSE100 and total market volume reaching 915 million shares. Volume leaders included IMAGE (48mn), BOP (43mn), and WTL (37mn). While a short-term breather cannot be ruled out given the sharp upward trajectory, overall sentiment is expected to remain strong amid continued macroeconomic improvement. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Autos: Marking FY25 as a year of recovery - By JS Research

Jul 7 2025


JS Global Capital


  • We preview automobile sales volumes for Jun-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd to post combined growth of 33%/9% YoY/MoM, reaching ~14.5k units – highest since Dec-2022.
  • All three companies are projected to post strong YoY volume growth, with HCAR leading peers with 65% YoY growth in Jun2025, followed by PSMC (+31% YoY), and INDU (+25% YoY), helped by pre-budget buying ahead of anticipated negative budgetary measures. Meanwhile, Sazgar Engineering Works Ltd (SAZEW) volumes also rose 55% YoY in Jun-2025.
  • For FY25 cumulatively, the auto sector witnessed a strong recovery, with volumes expected to grow by 37% to ~121k units, supported by improving macroeconomic stability and a rebound in consumer confidence amid stable car prices.
Technical Outlook: KSE-100 setting a record - By JS Research

Jul 7 2025


JS Global Capital


  • Bullish momentum continued for the KSE-100 index, which gained 1,262 points to close at 131,949. Trading volumes stood at 733mn shares, compared to 900mn shares previously. The index is likely to retest Friday’s high of 132,130; a break above this level could target 133,412, with potential to rise further toward 135,232. On the downside, support is seen in the 130,710-131,600 range. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. Immediate support and resistance are placed at 131,067 and 132,480, respectively.
Morning News: Pakistan, US reach accord on trade and tariffs - By HMFS Research

Jul 7 2025


HMFS Research


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations. While both sides have reached an understanding, a formal announcement is expected only after the US concludes similar ongoing negotiations with other trade partners. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline. The agreement, when signed, could lead to increased Pakistani imports of US goods — notably crude oil — and potential American investment in Pakistan’s mining, energy, and infrastructure sectors.
  • The U.S. dollar hovered near its lowest since 2021 against the euro and the weakest since 2015 versus the Swiss franc on Monday, with traders alert for any trade-related headlines in the countdown to President Donald Trump’s tariff deadline. The dollar index , which measures the currency against those three rivals and three more major counterparts, was flat at 96.967, hovering above Tuesday’s nearly 3-1/2-year trough of 96.373.
  • US President Donald Trump said on Friday that he had signed 12 trade letters to be sent out next week ahead of an impending deadline for his tariffs to take effect. “I signed some letters and they’ll go out on Monday, probably 12,” Trump told reporters aboard Air Force One, adding that the countries to which the letters would be sent will be announced on the same day. His comments come days before steeper duties — which the president said on Thursday would range between 10 and 70 per cent — are set to take effect on dozens of economies, from Taiwan to the European Union.
Morning News: Pakistan, US reach accord on trade and tariffs - By Vector Research

Jul 7 2025


Vector Securities


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations, reaching an understanding on a deal that could shape the future of the country’s key export sectors. The delegation arrived in Washington on Monday with the aim of finalising a long-term reciprocal tariff agreement that would prevent the re-imposition of a 29 per cent tariff on Pakistani exports — primarily textiles and agricultural products. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline.
  • Pakistan and Azerbaijan in a major development Friday signed a partnership agreement. The agreement for investment of a total of $2 billion by Azerbaijan in the economic sector of Pakistan.
  • Foreign exchange companies contributed around $450 million to remittance inflows during June, taking their total contribution to approximately $5 billion in FY25, according to the Exchange Companies Association of Pakistan (ECAP). “We sold about $450m to banks in June, highlighting our growing role in supporting the country’s exchange rate stability,” said Zafar Paracha, Secretary General of ECAP.
Morning News: Azerbaijan to invest $2bn in economic sector WE Research

Jul 7 2025



  • Pakistan and Azerbaijan have signed a significant $2 billion investment agreement, marking a new milestone in bilateral economic relations. The deal, signed in the presence of Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Azerbaijani Economy Minister Mikayil Jabbarov, reflects growing investor confidence in Pakistan. It follows a cordial meeting between Prime Minister Sharif and Azerbaijani President Ilham Aliyev in Khankandi, with a more detailed agreement to be finalized during the Azerbaijani President’s upcoming visit to Pakistan. Both countries committed to further enhancing cooperation across various sectors, including trade, investment, and climate issues, as emphasized by Prime Minister Sharif during his remarks in Shusha.
  • With less than a week before the July 9 deadline, Pakistan and the United States have reached a preliminary understanding on a trade agreement aimed at securing Pakistan’s key export sectors, particularly textiles and agriculture, from the re-imposition of a 29% tariff. Led by Commerce Secretary Jawad Paal, the Pakistani delegation concluded four days of negotiations in Washington, with a formal announcement expected after the US finalizes talks with other trade partners. The proposed deal includes reciprocal tariff arrangements, increased Pakistani imports of US goods such as crude oil, and potential American investment in Pakistan’s mining, energy, and infrastructure sectors—including projects like Reko Diq. Officials remain optimistic that the agreement will preserve Pakistan’s access to the US market and revitalize economic ties strained since the Trump-era tariffs.
  • Oil prices dropped over 1% after OPEC+ surprised markets by announcing a larger-than-expected production increase of 548,000 barrels per day (bpd) for August, raising fears of oversupply. Brent crude fell to $67.50 per barrel, while U.S. West Texas Intermediate dropped to $65.68. The hike, up from prior monthly increases of 411,000bpd, reflects a more aggressive push for market share, with Saudi Arabia driving much of the actual output gains. OPEC+ cited strong global demand and low inventories as justification. Goldman Sachs expects a final 550,000bpd increase to be announced for September at the group’s August 3 meeting. Meanwhile, Saudi Arabia raised prices for its flagship Arab Light crude in a show of confidence in demand. In a related development, U.S. President Trump indicated higher tariffs will be announced by July 9, with implementation set for August 1.
Market Wrap: Banking on Bulls: KSE-100 Hits a New Milestone - By HMFS Research

Jul 4 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) sustained its upward trajectory in today’s session, with the benchmark KSE-100 Index surging to a fresh intra-day high of 132,130 before closing at 131,949, up by a robust 1,262 points (+0.97%). The rally was supported by sustained investor interest—particularly in the banking sector—as participants continued to rotate into fundamentally sound, undervalued plays amid a supportive macroeconomic backdrop. Trading activity remained strong, with the All-Share Index posting a healthy turnover of 731mn shares, while KSE-100 volumes came in at 199mn shares, indicating broad-based participation. Top volume leaders included, WTL (58mn), BML (36mn), and TREET (30mn). The banking sector emerged as the primary driver of index gains, supported by attractive dividend yields, and compelling P/B valuations. The recent softening in Pakistan’s sovereign credit default swap (CDS) spreads has further improved investor sentiment by lowering perceived external risk, catalyzing flows into equities. While the momentum remains firmly intact, the market’s proximity to psychological resistance levels suggests room for near-term consolidation, especially as investors may opt to lock in recent gains. However, the medium-term narrative remains constructive, underpinned by prospects of continued IMF engagement, fiscal reforms, and easing external account pressures. We continue to advise investors to remain selective and focus on sectors with resilient fundamentals and earnings visibility. In the current phase of the cycle, valuation discipline, liquidity considerations, and macro-driven event positioning will remain critical in navigating market dynamics.
Oil and Gas Development Company Limited (OGDC): 3QFY25 EPS clocked in at PKR10.96 – Above expectation - By Insight Research

Apr 30 2025


Insight Securities


  • OGDC has announced 3QFY25 PAT of ~PKR47.1bn (EPS: PKR11.0) vs. PKR47.8bn (EPS: PKR11.1), down by 1% YoY. The result is above our expectation mainly attributable to lower then expected ETR.
  • In 3QFY25, revenue decreased 7% YoY, mainly attributable to decline in oil and gas production coupled with lower oil prices. On QoQ basis revenue is up by 4% attributable to higher oil prices.
  • Operating cost inched up by 19% YoY/QoQ to clock in at ~PKR31.9bn.
Systems Limited (SYS): 1QCY25 EPS clocked in at PKR8.54 – Above expectation - By Insight Research

Apr 28 2025


Insight Securities


  • SYS has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR2.5bn (EPS: PKR8.54) vs. PAT of PKR1.6bn (EPS: PKR5.36) in SPLY. The result is above our expectation mainly due to lower selling and distribution expenses during the quarter.
  • Revenue for the quarter clocked in at PKR18.1bn, up by ~19% YoY, mainly due to higher revenue from Middle east and Europe region. However, same is down by 6% on QoQ basis, mainly due decline in revenue from Middle east and Europe region.
  • Company’s dollarized revenue clocked in at ~US$65mn in 1QCY25, depicting a growth of ~19% YoY. However, same is down by ~6% QoQ due to lower revenue from Middle east region.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Maple Leaf Cement Limited (MLCF): 3QFY25 EPS clocked in at PKR2.67 – Above expectation - By Insight Research

Apr 23 2025


Insight Securities


  • Maple Leaf cement has announced its 3QFY25 result, wherein company has posted PAT of PKR2.8bn (EPS: PKR2.7) vs. PAT of PKR1.5bn (EPS: PKR1.4) in SPLY. The result is above our expectation due to lower effective tax rate.
  • In 3QFY25, revenue increased by 4% YoY mainly due to higher volumetric sales and better retention price. While on QoQ, same is down by 13% amid lower offtakes and retention price.
  • Gross margins of the company clocked in at 35%, up by ~5.5ppts YoY, due to decline in coal prices and reliance on cheaper fuel mix. While on sequential basis, same is down by ~4.7ppts due to lower retention prices.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Sazgar Engineering (SAZEW): 3QFY25 EPS clocked in at PKR103.06 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • SAZEW has announced its 3QFY25 result, wherein company has posted PAT of PKR6.2bn (EPS: PKR103.06) vs. PAT of PKR3.0bn (EPS: PKR50.19) in SPLY. The result is above our expectation mainly due to higher than estimated topline and gross margins.
  • During 3QFY25, revenue witnessed an increase of ~83%/100% YoY/QoQ to clock in at PKR36.7bn, primarily due to higher volumetric sales.
  • Gross margins increased by ~360bps/420bps YoY/QoQ to clock in at ~32.6% in 3QFY25, possibly attributable to higher sales volumes.
United Bank (UBL): 1QCY25 EPS clocked in at PKR28.8 – Above expectation - By Insight Research

Apr 16 2025


Insight Securities


  • UBL has announced its 1QCY25 result, wherein it has posted consolidated PAT of PKR36.1bn (EPS: PKR28.8) vs. PAT of PKR16.1bn (EPS: PKR12.9) in SPLY. The result is above our expectation due to higher than estimated NII and reversal in provisioning expense.
  • Net interest income clocked in at PKR84.2bn, up by 200%/24% YoY/QoQ. The increase is attributable to favorable pricing of investment book aided by healthy volumetric growth and higher share of zero cost deposits.
  • Non markup income declined by 21%/38% YoY/QoQ despite a healthy increase of 26%/90% YoY/QoQ in fee income. The decline is primarily driven by elevated gain on securities in preceding quarters.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • FCCL has announced its 2QFY25 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in SPLY. The result is above our expectation due to higher-than-expected gross margins.
  • In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to higher volumetric sales and better retention prices. To note, company’s local cement offtakes increased by 17%/14% YoY/QoQ.
  • Gross margins of the company clocked in at 35.8%, up by 314bps/142bps YoY/QoQ, possibly due to optimal energy mix and decline in coal prices.
Gul Ahmed Textile Mills Limited (GATM): 2QFY24 EPS clocked in at PKR0.93 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • GATM has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR687mn (EPS: PKR0.93) vs. PKR547mn (EPS: PKR0.74) in SPLY, up by 26% YoY. The result is above our expectation due to higher-than-expected gross margin and lower tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR45.68bn compared to PKR41.23bn in SPLY, up by ~11 YoY. The increase in topline is possibly attributable to higher volumetric sales.
  • In dollar terms, company’s revenue clocked in at US$164.0mn in 2QFY25 vs. US$145.5mn in SPLY, up by ~13 YoY. However, same is down by ~7 QoQ.
Maple Leaf cement (MLCF): 2QFY25 EPS clocked in at PKR3.6 – Above expectation - By Insight Research

Feb 20 2025


Insight Securities


  • Maple Leaf cement has announced its 2QFY25 result, wherein company has posted PAT of PKR3.7bn (EPS: PKR3.6) vs. PAT of PKR2.2bn (EPS: PKR2.1). The result is above our expectation due to higher-than expected gross margins.
  • In 2QFY25, revenue increased by 5%/21% YoY/QoQ mainly due to higher volumetric sales and better retention prices.
  • Gross margins of the company clocked in at 39.8%, up by 450bps/825bps YoY/QoQ, possibly due to increased usage of alternate fuel.
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