Anupam Rasayan India (ANURAS) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 consolidated revenue from operations was ₹2,541.98 million versus ₹3,863.91 million; PAT was ₹122.11 million versus ₹522.53 million.

• Weak agrochemical demand and lower offtake weighed on results; management expects revenue growth to return in H2 FY25 as demand improves and pharma, polymer and fluorinated products ramp up.

Financial highlights

• Consolidated total revenue was ₹2,602.66 million, including ₹60.68 million of other income; EBITDA was ₹592 million versus ₹1,138 million and PAT was ₹122.11 million versus ₹522.53 million.

• Standalone revenue from operations was ₹1,639.52 million versus ₹2,884.60 million; EBITDA was ₹425 million versus ₹881 million and PAT was ₹14.15 million versus ₹348.91 million.

• Consolidated gross margin was 60% versus 58% YoY; standalone gross margin was 68% versus 62%.

Outlook and guidance

• Deferred demand of ₹80–100 crore is expected to be recouped across H2; management expects FY25 revenue at or above the prior year, with marginal agrochem growth.

• LOIs and contracts commercialized over the prior 1–2 years are expected to contribute 20%–25% of FY25 revenue, largely back-ended; management estimated ~₹250 crore this year and ~₹200 crore annually for the next two years.

• All plants are expected to be commercialized in FY25; new capacity is expected to contribute more materially next year. More than 6 pharma and polymer molecules are targeted for commercialization in FY25.

• Management considers 25%–28% EBITDA margins a fair assumption for the next product leg; expanded capacity is expected to support ₹1,100–1,200 crore revenue and blended asset turns above 1.5x.