Amber Enterprises India (AMBER ) Q4 19/20 earnings summary

Executive summary

• FY20 consolidated revenue rose 44% YoY to ₹3,963 crore, operating EBITDA increased 53% to ₹326 crore and PAT rose 73% to ₹164 crore, despite COVID-19 disruption late in March.

• RAC volumes grew with new customer additions, higher share of existing customers and new products; 3 million units were manufactured, up 43% YoY.

Financial highlights

• Consolidated revenue from operations was ₹3,963 crore vs ₹2,752 crore in FY19; operating EBITDA was ₹326 crore vs ₹213 crore.

• Operating EBITDA margin reached 8.23%, up from 7.73%; PAT margin was 4.14% vs 3.44%.

• Consolidated PAT was ₹164 crore vs ₹95 crore; EPS was ₹50.37 vs ₹29.78.

• Working capital days improved by 17 days to 37 from 54.

Outlook and guidance

• Management aims to grow faster than the RAC industry, supported by new customers, increased wallet share and new product offerings.

• Export discussions with OEMs and component exports to Sri Lanka, Bangladesh and the USA position exports as a mid- to long-term opportunity.

• Indian RAC market growth is projected at 13–15% CAGR for 2019–25; low domestic penetration, work-from-home demand and supply-chain diversification support prospects.