Lucky Cement (LUCK):2QFY25 Corporate Briefing Key Takeaways - By Topline Research

Feb 21 2025


Topline Securities


  • Lucky Cement (LUCK) conducted 2QFY25 analyst briefing today to discuss business performance and future outlook.
  • Commenting on Stock Split, LUCK management stated that purpose of split was to increase liquidity of the stock and make it more attractive for participants. Global indices that track Pakistani stocks also have liquidity criteria.
  • Wind power plant of 28.8MW came online in 2QFY25. After completion of this project, the total renewables capacity is close to 100MW for two local cement plants of the company. Wind, Solar and WHR are now fulfilling approximately 55% of power requirements on average
Lucky Cement Limited (LUCK): Result Review: LUCK 3QFY25 Diluted EPS Rs9.2 - By Sherman Research

Apr 28 2025


Sherman Securities


  • Lucky Cement Limited (LUCK) announced its 3QFY25 result today wherein the company posted unconsolidated net earnings of Rs13.5bn (Diluted EPS Rs9.2) compared to net earnings of Rs4.9bn (Diluted EPS Rs3.4) during same period last year, up by 174%YoY. The result came above our estimate due to 1) Higher than expected other income and 2) lower effective taxation. Just to recall, this result incorporates the stock split with total outstanding shares of 1.46bn shares.
  • During 3QFY25, net revenue surged by 10%YoY to Rs34.5bn primarily driven by elevated exports (up 52%YoY) while local dispatches remain stagnant.
  • LUCK’s gross margin clocked in at 33% as compared to 29% during the same period last year (up 4ppt). The increase in margins is mainly led by lower coal cost and efficient power mix
Lucky Cement (LUCK): 3QFY25 EPS at Rs12.25, up by 15% YoY (Earnings lower than expectations) - By Topline Research

Apr 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 3QFY25 result today, where the company recorded consolidated earnings of Rs17.95bn (EPS of Rs12.25), up by 15% YoY and down by 16% QoQ.
  • The result came lower than expectations due to lower-than-expected Gross Margins and Share of Profit from Associates.
  • Alongside the result, the company did not announce any cash dividend which was in-line with expectations.
Lucky Cement Ltd. (LUCK):3QCY25 Result Review — Profitability surged on higher dividend income - By AKD Research

Apr 28 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK) announced its 3QFY25 financial results, reporting standalone earnings of PkR13.5bn (EPS: PkR9.2), compared to PkR4.9bn (EPS: PkR3.4) in SPLY, up 2.7x YoY. Earnings came above our expectations, mainly due to surprise dividends from Lucky Electric Power Company Ltd. (LEPCL) and Lucky Motor Corporation (LMC). On a consolidated basis, profitability increased by 15%YoY to PkR17.9bn, primarily driven by improved performance of LMC.
  • Standalone revenue clocked in at PkR30.2bn, up 10%YoY from PkR27.5bn in SPLY, mainly on the back of 45%YoY increase in company’s exports to 0.74mn tons from 0.51mn tons in SPLY.
  • Gross margins improved to 33.2% from 28.8% in SPLY, supported by lower coal prices and reduced power cost owing to higher reliance on low-cost renewables.
Cement: LUCK, PIOC & ACPL: 3QFY25 result previews - By JS Research

Apr 24 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Lucky Cement Ltd (LUCK), Pioneer Cement Ltd (PIOC), and Attock Cement Pakistan Ltd (ACPL).
  • We expect LUCK (Standalone) and ACPL to post earnings of Rs22.4/share and Rs3.8/share, respectively in 3QFY25, up 33%/ and 2.9x YoY, mainly due to increased dispatches and improved margins. PIOC on the other hand is expected to post earnings of Rs4.95/share in 3QFY25, down 6% YoY.
  • Declining international coal prices (-17% CYTD) and stable cement MRP’s in the South are expected to bode well for LUCK and ACPL, while PIOC is expected to benefit from the recovery in cement prices in the North going forward.
Lucky Cement Company Limited (LUCK): Cost efficiencies to support margins - By JS Research

Feb 24 2025


JS Global Capital


  • Lucky Cement Company Limited (LUCK) conducted its Corporate Briefing to discuss 2QFY25 results and outlook. On a standalone basis, the company reported an EPS of Rs24.8 for 2QFY25, up 7% YoY, driven by higher dispatches YoY (+24%). Meanwhile, on a consolidated basis, the company posted EPS of Rs73.2 in 2QFY25, up 22% YoY.
  • Management is confident that LUCK is well-positioned to withstand declining cement MRPs in the North, due to its cost efficiency measures such as investments in renewable energy capacity (103.1 MW). Additionally, its fuel cost/ton remains among the lowest in the industry following its Dec-2022 expansion.
  • The recently announced stock split is proposed to improve liquidity and increase accessibility for retail investors, avoiding a bonus issue as it would have resulted in significant taxes for investors.
Lucky Cement Limited (LUCK): 1HFY25 Corporate Briefing Takeaways - By IIS Research

Feb 21 2025


Ismail Iqbal Securities


  • Lucky Cement Limited (LUCK) held its corporate briefing today to discuss the financial results of 1HFY25 and future outlook of the company. Key highlights of the briefing are follows:
  • Local dispatches of the industry declined by 10.4% YoY, reaching 18.1mn tons in 1HFY25 due to subdued demand, while exports saw a significant growth of 31.7% YoY. Local demand showed some improvement in 2QFY25, reflecting an increase of 22.8% QoQ. Looking ahead, the company expects demand to recover from this negative double-digit growth, hinging on factors such as decrease in interest rates. However, Ramazan and Eid factor will likely affect the sales in 2HFY25.
  • For LUCK, total dispatches increased by 8.7% YoY in 1HFY25, primarily driven by rise in exports, as the company continues to explore different export destinations. However, local dispatches declined by 14%, in line with the industry trend.
Lucky Cement Limited (LUCK): Analyst briefing takeaways - By Insight Research

Feb 21 2025


Insight Securities


  • Lucky Cement Limited has conducted its analyst briefing to discuss its financial result and future outlook. We have summarized following key takeaways from the briefing.
  • In 1HFY25, LUCK’s local retention price stood at ~PKR16,000/ton. While export retention price for Afghanistan stood at ~PKR9,000/ton. For sea borne, retention price for clinker and cement export stood at US$31/ton and US$41/ton, respectively.
  • Company is fulfilling 55% of its total power requirement from renewable energy. Plant wise renewable power mix stands at 42%/56% for North and South.
Lucky Cement (LUCK):2QFY25 Corporate Briefing Key Takeaways - By Topline Research

Feb 21 2025


Topline Securities


  • Lucky Cement (LUCK) conducted 2QFY25 analyst briefing today to discuss business performance and future outlook.
  • Commenting on Stock Split, LUCK management stated that purpose of split was to increase liquidity of the stock and make it more attractive for participants. Global indices that track Pakistani stocks also have liquidity criteria.
  • Wind power plant of 28.8MW came online in 2QFY25. After completion of this project, the total renewables capacity is close to 100MW for two local cement plants of the company. Wind, Solar and WHR are now fulfilling approximately 55% of power requirements on average
Lucky Cement Ltd. (LUCK): LUCK board approves 5-for-1 split - By AKD Research

Feb 21 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK), in its Board of Directors meeting held yesterday, approved a share split in the ratio of 5:1, reducing the face value from PkR10/sh to PkR2/sh. Consequently, shareholders will receive 5 shares for every 1 share held. The date of determination which will be announced after the Extraordinary General Meeting (EoGM) on March 18, 2025.
  • The share split will increase the number of outstanding shares from 293mn to 1,465mn without triggering tax implications, unlike the bonus issue. The said development is expected to enhance the scrip’s liquidity and broaden investor participation.
  • Outlook: We maintain our ‘BUY’ stance on LUCK with a Dec’25 target price of PkR1,965/sh (PKR393/sh @1,465mn sh). Our view is supported by: i) improving market share given recent expansion, ii) higher gross margins driven by optimal coal and power mix, and iii) expected recovery in portfolio businesses alongside broader economic improvement.
Lucky Cement (LUCK): LUCK announced stock split, increased share liquidity and better price discovery likely - By Topline Research

Feb 21 2025


Topline Securities


  • In a notice to the stock exchange today, Feb 21 2025, LUCK announced the board recommendation for sub-division of shares of the company.
  • The above-mentioned Stock Split will be in the ratio of 5 shares for every 1 share held.
  • After the stock split, the paid-up capital of the company will be divided into 1,465mn shares of Rs2 each form current 293mn shares of Rs10 each.
Market Wrap: Highlights of the day - By JS Research

Jul 11 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead.
Market Wrap: Bullish Momentum Persists as PSX Hits Historic Peak - By HMFS Research

Jul 11 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) continued its record-setting momentum, with the KSE-100 Index hitting a new all-time high of 134,932 level, ultimately closed at 134,300 level posting a robust gain of 517 points during the session. The rally reflects sustained investor confidence, underpinned by a sharp improvement in macro fundamentals. Key catalysts included a marked improvement in Pakistan’s external position—with FX reserves surpassing USD 20bn for the first time in three years—and record-high PSDP utilization of PKR 1.046tn in FY25, representing 96% of the total allocation. This reflects strong fiscal execution and a clear commitment to growth-driven policy support. Investor sentiment was further bolstered by expectations of improved corporate earnings and a stable monetary outlook. Market activity remained strong, with 290mn shares traded on the KSE-100 and 764mn shares traded across the broader market. Top volume leaders included BOP (94mn), ASL (25mn), and KOSM (24mn). While short-term consolidation may follow the recent sharp gains, the medium-term outlook remains positive, supported by macroeconomic stability and earnings visibility. Investors are advised to maintain a selective, fundamentals-driven approach, with a focus on sectors benefiting from domestic demand recovery and policy tailwinds.
United Bank Limited (UBL): 2QCY25 EPS clocks-in at Rs 11.3, DPS Rs8.0 - By Foundation Research

Jul 11 2025


Foundation Securities


  • United Bank Limited (UBL) announced its 2QCY25 results today reporting earnings of PKR 28.2Bn (EPS: PKR 11.3), ↑103/↓21% YoY/QoQ respectively. This pulls 1HCY25 earnings to PKR 25.5/sh, up 117% YoY. The bank also announced an interim dividend of PKR 8.0/sh (1HCY25 pay-out: PKR 13.5/sh). The result is higher than our expectations because of greater than estimated NII however, high effective tax rate of 61.6% in 2Q dragged earnings.
  • Net Interest Income (NII) of the bank underwent a significant jump of 237% YoY to PKR 91.2Bn in 2Q with NIMs accretion supporting top-line growth. Note that NIMs declined to only 2.5% in the SPLY. The surge came from 1) robust investments book delivering strong fixed income returns, 2) sharp decline in deposit costs and 3) lagged impact of asset re-pricing. On a QoQ basis, NII increased by 8%.
  • Non-funded income arrived at PKR 15.2Bn in 2Q, ↓17% YoY mainly on account of streamlined capital gains. The decline was recorded despite a prolific 68% YoY jump in fee income. Forex income recorded an increase of 7% YoY over the same period. Over the past year, the bank has recorded handsome gains in commission on trade, commission on guarantees and card related fees which we believe continue to propel fee income accretion. On a sequential basis, NFI recorded a paltry decline of 3%.
Market Wrap: Highlights of the day - By JS Research

Jul 10 2025


JS Global Capital


  • The KSE-100 Index surged 1,325 points to reach an intraday high of 133,902, as investor sentiment turned bullish on the back of strong macroeconomic signals. Record-high remittances of $38.3 billion and robust demand in recent government debt auctions drove renewed interest in the banking sector. This marks a key inflection point for the market. With improving fundamentals and fiscal stability, the index appears poised to consolidate above the 130,000 mark. Continued foreign inflows and structural reforms could sustain this momentum in the quarters ahead
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research

Jul 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025, reflecting a 64% YoY and 47% MoM rise.
  • MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to increase effective from Jul 01, 2025 from 12.5% to 18.0%.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research

Jul 10 2025


AKD Securities


  • As per released figures from PPIS for Jun’25, oil/gas production for the year amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
  • We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes, and iii) increase in demand.
  • Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Market Wrap: Evening Chronicle July 10, 2025 - By AHCML Research

Jul 10 2025


Al Habib Capital Markets


  • The KSE-100 Index opened on a positive note and surged to an intraday high of 133,902.34 points before closing at a record 133,782.34, gaining 1,205.36 points or 0.91%. Investor sentiment remained buoyant amid strong economic indicators and corporate developments. Record remittances of USD 38.3bn in FY25 (up 26.6% YoY), progress on the Roosevelt Hotel’s USD 1.0bn valuation in the proposed redevelopment plan, World Bank’s likely support for Reko Diq, a 10% rise in US exports, and a USD 1 billion syndicated loan by Dubai Islamic Bank all boosted investors’ confidence. Top contributors to the index included MEBL, MCB, UBL, BAHL, and FFC, which collectively added 570.42 points. BOP led the volumes with 155.38 million shares, while total market turnover reached 941.72 million shares.
Market Wrap: PSX Rebounds Strongly amid Strong Economic Indicators - By HMFS Research

Jul 10 2025


HMFS Research


  • The KSE 100 index resumed its upward trajectory today, reaching an intraday high of 133,902 after a slight correction in the previous session driven by profit-taking. The benchmark index closed at the 133,782 level, recording a gain of 1,205 points. The positive sentiment was primarily driven by a remarkable 26.6% surge in cumulative remittances in FY25, which reached a record high of USD 38.3bn. Consequently, buying was observed across major sectors including banking and cement. Investor confidence also improved ahead of corporate results season, furthermore, a 10% y/y increase in exports to the US, which reached USD 5.8bn in FY25, also aided momentum. Total traded volumes remained strong, with the KSE-100 Index posting 326mn shares and the All-Share Index recording 940mn shares. The most actively traded scrips today were BOP (155mn), KOSM (55mn), and HASCOL (33mn). Going forward, the market’s upward trend is expected to continue. However, since the Trump administration as of now has made no announcements over its tariff position on Pakistan, the bourse could swing in the opposite direction should the US decide to impose or reinstate trade barriers. Such a move could dampen investor sentiment, thereby stalling the market's momentum. Amidst this backdrop, investors are advised to remain cautious amid the recent gains in market indices, focusing on fundamentally strong sectors and companies with stable earnings and long-term potential.
Fertilizer: 2QCY25E earnings to jump on higher off-take - By Taurus Research

Jul 10 2025


Taurus Securities


  • We expect Fertilizer players in our universe to witness robust surge in profitability on the back of significant increase in offtake during 2QCY25 i.e. Urea up 14%QoQ and DAP up 99% QoQ, attributed to rise in demand for fertilizer products at the start of the Kharif Season 2025 amid facilitating farmers with Kissan Cards, mitigating wheat crisis and stable fertilizer prices.
  • On the Company front, EFERT’s market share went up by 32% (up 8pptsYoY) in 2QCY25 due to base effect as the Company had undergone scheduled plant maintenance activities for 2 months during 2QCY24, resulting in rise in Urea off-take (up 9pptsYoY to 34%). Further, disparity in gas pricing mechanism has still put significant pressure on the margins of EFERT, forcing to sell Urea at a discounted price (discount of PKR 100-150 per bag started in Jan’25). Further, FFC has also reduced Urea prices by PKR 40/bag effective from May’25.
  • FFC’s net sales to clock-in at ~PKR 68Bn in 2QCY25, up 7%QoQ on account of increase in overall off-take by 17%QoQ (Urea and DAP off-take were up by 9% and 66%, respectively). Gross margins to hover around 38% in 2QCY25, up 2pptsQoQ. Distribution and admin expense to increase 2%QoQ, in-line with the increase in sales volumes. Finance cost to remain on the lower side (down 16%QoQ) amid deleveraging of FFBL and ongoing monetary easing cycle.
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research

Jul 10 2025


Topline Securities


  • Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025, reflecting a 64% YoY and 47% MoM rise.
  • MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to increase effective from Jul 01, 2025 from 12.5% to 18.0%.
  • YoY growth is supported by a more stable macroeconomic environment, introduction of more variants, lower interest rates, easing inflation, and improving consumer sentiment
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research

Jul 10 2025


Topline Securities


  • We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25 and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by company in 9MFY25.
  • We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15- FY24 have averaged at 12.4%.
  • Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Commercial Banks: Banks earnings to increase 7% YoY in 2Q2025 Market Weight Stance Maintained - By Topline Research

Jul 10 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income
  • Despite the decline in the average policy rate from 21.5% in 2Q2024 to 11.3% in 2Q2025, Net Interest Income (NII) of banks in our universe is expected to increase by 12% YoY to Rs303bn, driven by (1) volumetric growth particularly in current accounts and (2) higher investment yields on old portfolio.
  • Non-interest income of Topline Universe is also expected to post a 14% YoY growth, reaching Rs84bn in 2Q2025, mainly driven by an increase in fee and commission income and higher gain on sale of securities.
Fertilizer: Fertilizers profits likely to up 17% YoY in 2Q2025 Market Weight Maintained - By Topline Research

Jul 9 2025


Topline Securities


  • We expect Topline Fertilizer universe earnings to increase by 17% YoY and 67% QoQ in 2Q2025 mainly due to recover in Urea and DAP offtakes despite weak farm economics, and water shortage. The QoQ uptick in profitability is mostly due to Kharif season that started in April and ended in June, respectively.
  • Urea offtake is expected to increase by 3% YoY and 14% QoQ to 1.25mn tons in 2Q2025. Similarly, DAP offtakes are expected to increase by 16% YoY and 99% QoQ to 298k tons in 2Q2025.
  • Average Urea prices during 1Q2025 declined by 7% YoY and 1% QoQ to Rs4,477 per bag as companies announced price discounts during the quarter to capture the market share. Engro Fertilizers announced a discount of Rs100-140/bag started in Jan’25 followed by FFC that announced a price discount of Rs40/bag effective from May’25. Whereas, DAP prices have increased by 8% YoY and up 4% QoQ to average at around Rs12,525 per bag, respectively.
Technology: IT Exports in May-25 down by 1% YoY to record US$329mn - By Topline Research

Jun 17 2025


Topline Securities


  • Pakistan recorded monthly IT exports of US$329mn in May-2025, down by 1% YoY while up by 4% MoM. These monthly IT exports in May-2025 are higher than last 12-month average of US$314mn. This is the first YoY decline in IT exports after 19 consecutive months of growth.
  • Export proceeds per day were recorded at US$16.5mn for May-25 vs. US$15.9mn in Apr-25.
  • This takes 11MFY25 IT exports to ~US$3.5bn, up by 19% YoY.
Economy: Pakistan Inflation to clock in at 3.5-4.0% in Jun 2025 - By Topline Research

Jun 17 2025


Topline Securities


  • Pakistan’s Consumer Price Index (CPI) for Jun 2025 is expected to clock in at 3.5-4.0% YoY, taking FY25 average to 4.64% compared to 23.41% in FY24. The MoM inflation in Jun 2025 is expected to clock in at +0.6%.
  • Inflation is expected to be higher due to an uptick in food prices by 1.3% MoM due to Eid festivities. The tomatoes and potato prices are expected to rise by 64% and 24%, respectively. However, this was partially offset by 33% decrease in chicken prices.
  • Housing, water, electricity and gas segment is expected to witness a rise of 0.26% MoM in Jun 2025 due to an increase in electricity prices by 3.04% which is mostly offset by an 8% decrease Liquefied Petroleum Gas (LPG).
Cement: Lahore High Court announces 6% royalty decision against Cement Manufacturers - By Topline Research

Jun 16 2025


Topline Securities


  • In a major development today, Lahore High Court larger bench has announced its decision against the Punjab based cement manufacturers regarding royalty case. The companies will have to pay the royalty amount at prescribed formula of 6% of retention price.
  • Companies may go for appeal in Supreme Court now, however, this decision to go for review is not final yet from cement manufacturers.
  • To recall that manufacturers based in Punjab were already provisioning for their raw material cost based on formula of 6% of retention price.
Pakistan State Oil (PSO): Corporate Brief in Corporate Briefing Key Takeaways - By Topline Research

Jun 13 2025


Topline Securities


  • Pakistan State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the company.
  • As per management, efforts are ongoing to resolve circular debt, though no definitive plan is in place. The target is to recover both principal and Late Payment Surcharge (LPS). As of Mar 2025, PSO’s total receivables stand at Rs732bn, which included Rs325bn in principle from SNGPL alone. Overall LPS amount is over Rs200bn+. Investment plans are in place, pending liquidity, with options still under review.
  • Since Feb 2024, there has been no buildup in circular debt from SNGPL side as company has made it clear to Government and PSO that payments should flow on monthly basis. And this understanding is continuing and being implemented in true spirit. In contrast, OGDC and PPL receivables increased from Sui companies in 3QFY25
Pakistan Economy: Monetary Policy Survey 56% of the participants expecting status quo; we also expect no change - By Topline Research

Jun 12 2025


Topline Securities


  • State Bank of Pakistan (SBP) is scheduled to hold its Monetary Policy Committee (MPC) meeting on May 05, 2025.
  • In a Poll conducted by Topline Securities, 56% of the market participant expect a status quo in upcoming monetary policy meeting compared to 31% in last poll. While 44% are expecting a rate cut of at-least 50bps.
  • Out of total 44% rate cut participants, 19% are expecting 50bps cut , and 25% are expecting 100bps cut.
Highnoon Laboratories (HINOON): Corporate Briefing Key Takeaways - By Topline Research

Jun 12 2025


Topline Securities


  • Topline Securities organized Corporate Briefing Session of Highnoon Laboratories(HINOON), where management discussed financial performance and future outlook.
  • HINOON outperformed the industry, with its revenue growing at a 10-year CAGR of 23%, compared to the pharmaceutical industry’s 10-year CAGR of 15%.
  • HINOON’s revenue grew by 25% to Rs24.6bn in 2024, of which 8% was driven by volume growth and 17% by price increases. The management expects the growth momentum to continue in the coming period and to outperform industry growth
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