John Cockerill India (500147) Q4 24/25 earnings summary

Executive summary

• JCIL is a center of excellence for cold rolling mill complexes, offering advanced solutions in steel processing, rolling, and decarbonization technologies.

• The company leverages over 200 years of engineering experience and global leadership in green hydrogen and decarbonization.

• JCIL serves 29+ countries, with India revenue exceeding Rs. 8,000 Mn in CY23 and a workforce of 400+ employees.

• Key customers include major steel producers such as TATA, Jindal, JSW, and ArcelorMittal Nippon Steel.

• Audited financial results for the quarter and year ended December 31, 2024, were approved by the Board on February 20, 2025.

Financial highlights

• CY24 revenue was INR 3,887 Mn (₹38,872.60 lakhs), down from INR 6,666 Mn in the previous 9M period; Q4 CY24 revenue was INR 723 Mn, a 71.5% YoY decline.

• Gross margin for CY24 was 22.6%, down from 44.0% in the previous period; EBITDA margin fell to -1.0% from 3.9%.

• Net loss for CY24 was ₹749.70 lakhs, with a PAT margin of -1.4%; EPS for CY24 was -10.9 (basic and diluted EPS at (₹2.99)).

• Order book as of December 31, 2024, stood at INR 6,808 Mn.

• Cash and cash equivalents at year-end were INR 465 Mn (₹4,651.35 lakhs), down from INR 1,155 Mn (₹11,550.26 lakhs) at the start of the year.

Outlook and guidance

• CY24 was marked by global and domestic market uncertainties, low steel prices, and delayed project approvals, impacting profitability and growth.

• CY2025 is expected to be a transition year, with strategic realignment and a focus on regaining momentum and long-term growth.

• The company aims to grow its spares and services business to stabilize revenue and mitigate cyclicality.

• Results are dependent on gross margins of product and project mix, which vary each quarter.