<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We present 3QCY25 earnings estimates for Fauji Fertilizer
Company Limited (FFC) and Engro Fertilizers Limited (EFERT), where we expect
both FFC (DPS: Rs12) and EFERT (Rs5.5) to announce decent quarterly dividends
despite the headwinds faced by the sector.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">FFC is expected to post an EPS of Rs16.5 (-4% YoY) in
3QCY25, the dip in earnings despite higher volumes is likely due to the lower
other income coupled with above expected profitability by FFBL last year.
Notably, the company is likely to report 14% and 11% YoY growth in Urea and DAP
volumes, respectively, during the quarter.</span></li></ul>
