Cemindia Projects (509496) Q1 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue of INR 2,381 crore in Q1 FY25, up 30% year-over-year, with PAT of INR 100 crore, marking a 91% year-over-year growth.

• EBITDA grew 36% year-over-year to INR 237 crore, with margin at 9.97%.

• Consolidated order book at INR 18,536 crore as of June 2024, with INR 1,053 crore in new orders secured during the quarter.

• Execution ramp-up attributed to operational efficiency and experienced teams.

• Robust order book provides multi-year revenue visibility.

Financial highlights

• Q1 FY25 consolidated total income was INR 2,39,743 lakh, compared to INR 1,84,114 lakh in Q1 FY24.

• PAT for Q1 FY25 was INR 100 crore, up from INR 52 crore in Q1 FY24; PAT margin improved to 4.2% from 3.6%.

• FY24 revenue reached INR 7,718 crore, up from INR 5,091 crore in FY23.

• Gross debt reduced to INR 409 crore as of March 2024; net debt/equity ratio at 0.30x.

• Basic and diluted EPS for Q1 FY25 stood at INR 5.83, compared to INR 3.04 in Q1 FY24.

Outlook and guidance

• Revenue growth expected at 18%-25% annually over the next few years.

• Order book of INR 18,536 crore supports future revenue visibility; order inflow guidance for FY25 is INR 10,000+ crore.

• Continued focus on expanding presence in India and select international markets, especially marine and metro segments.