Lahore, Interloop Limited (ILP) reported a significant increase in its third-quarter financial results for the fiscal year 2024, driven largely by robust export growth. The company recorded unconsolidated earnings of PkR4.1 billion, marking a 38% increase from the previous quarter, with earnings per share rising from PkR2.1 to PkR2.9.

According to AKD Securities Limited, the strong financial performance of Interloop Limited exceeded initial projections, primarily due to unexpectedly high sales growth. Net sales for the quarter stood at PkR39.0 billion, an increase of 11% from the previous quarter and 25% year-over-year, largely fueled by a boost in exports. Additionally, gross margins improved to 29.1% from 27.6% due to favorable export pricing, particularly for value-added textile goods which saw a price increase of 15-24%.

Despite a robust quarter, the company's nine-month earnings totaled PkR13.2 billion, down 7% from the same period last year, mainly due to a contraction in gross margins and higher financial charges. AKD Securities maintains a 'Buy' stance on ILP, with a target price set for December 2024 at PkR102 per share.