Nishat Mills Limited (NML) has posted a growth of 101 percent YoY to Rs 1.3 billion in 3QFY13 with an earning per share (EPS) of Rs 3.57. However, on a sequential basis, the company's earnings declined by 30 percent QoQ mainly due to lower other income.
"The results are below our expectation of Rs 4.0 per share mainly due to lower sales recorded during 3Q. As a result, 9MFY13 earnings clocked in at Rs 4.1 billion with EPS Rs 11.69, up 63 percent YoY," analysts said on Thursday. They said that NML's sales grew by 20 percent YoY to Rs 38.9 billion in 9MFY13 leading to a higher gross margin of 17 percent compared to 14.8 percent in the corresponding period last year. Support also came in from lower finance cost on account of lower interest rates during the period. However, rise in admin and distribution expenses (up 14 percent YoY) somewhat curtailed the growth, they added.