Engro Corporation Limited (ENGRO): Propane dehydrogenation project on hold; other growth initiatives on track – By JS Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Uncertain macro-economic situation has led to Engro Corporation Limited (ENGRO) putting the final decision on the feasibility study for its US$2bn polypropylene project on hold, shared by the management in yesterday&rsquo;s Corporate Briefing Session. In terms of growth initiatives, ENGRO is working on a number of feasibilities in the connectivity and renewable energy space.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">ENGRO posted 13% YoY lower earnings at Rs42.23/sh in CY22 results announced yesterday, largely owing to super tax in 2QCY22. Earnings for 4QCY22 clocked in at Rs15.45/share, +88% YoY. The company announced a relatively lower DPS in 4QCY22 of Re1, consistent with its historical p...