NOCIL (NOCIL) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue from operations reached ₹372.17 crore, up 4% sequentially from Q4 FY24, but down from ₹396.67 crore in Q1 FY24; volumes grew 4% sequentially and 8% year-over-year.

• Export volumes increased, now comprising 34% of total volumes and revenue, with growth from Asia and Europe despite global logistics challenges.

• Operating EBITDA for Q1 FY25 was ₹41 crore, down from ₹45 crore in Q4 FY24 and ₹46.11 crore in Q1 FY24; EBITDA margin declined to 11%.

• Net profit for Q1 FY25 stood at ₹27.06 crore, down from ₹41.54 crore in Q4 FY24 and ₹34.30 crore in Q1 FY24.

• Sustainability initiatives advanced, including increased green energy, cogeneration at Dahej and Navi Mumbai, and progress on capacity expansion at Dahej.

Financial highlights

• Standalone and consolidated revenue for Q1 FY25 was ₹372.17 crore, up from ₹356.50 crore in Q4 FY24 and down from ₹396.67 crore in Q1 FY24.

• Operating EBITDA margin declined to 11% in Q1 FY25 from 12.5% in Q4 FY24 and 14.1% in Q1 FY24.

• Net profit margin for Q1 FY25 was 7.3%, down from 11.7% in Q4 FY24 and 8.6% in Q1 FY24.

• Employee expenses increased due to annual salary revisions and retirement provisions, front-loaded in Q1.

• Dividend payout ratio for FY24 was 35%.

Outlook and guidance

• Q1 volumes are considered a base for further growth, with expectations to build from here.

• EBITDA margins are expected to improve as capacity utilization ramps up and benefits from operating leverage accrue.

• Raw material cost relief is anticipated in the coming quarters, potentially supporting margin recovery.

• Capacity utilization is currently around 70%, with expectations to reach peak levels in 1–1.5 years.

• Company aims to double market share by leveraging its product portfolio and expanding in Asia, Europe, and the US.