Have started reading through latest AR for HBL. On page no. 8, management has sort of tried to temper expectations of investors by giving a very cautious guidance as below:
POSSIBILITIES FOR THE NEXT FOUR YEARS
1 9. 69
EBITDA MARGIN (%)
When one gets the urge to predict the future, the wise man calms down
until the urge goes away.
With this caveat, HBL sees the near future as follows:
- FY 24 was an unusually good year. Cannot expect such growth to
continue - FY 25 sales may be about the same as FY 24 because; no Kavach
tenders were issued from Feb 2022 till 6 August 2024 - FY 26 sales may be 30% more than FY 25 sales, because Kavach
tenders were issued in August 2024 - FY 27 and FY 28 may have compound growth in sales at about 20 % a
year over FY 26 - Minimum level of moderation of EBITDA should be expected with
such growth
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