Anupam Rasayan India (ANURAS) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue and profit declined YoY amid weak agrochemical demand; management expected demand to improve from October and stronger H2 performance.

• Pharma and polymer were gaining revenue share, with each expected to exceed 15% of FY25 revenue.

Financial highlights

• Q2 FY25 consolidated revenue was INR 2,939.62 million vs INR 3,921.48 million YoY; PAT was INR 306.23 million vs INR 486.92 million.

• Q2 EBITDA, including other income, was INR 82 crore vs INR 111 crore; net profit attributable to owners was INR 166.73 million vs INR 406.86 million.

• H1 FY25 consolidated revenue was INR 5,481.60 million vs INR 7,785.39 million; PAT was INR 428.34 million vs INR 1,009.45 million.

• H1 FY25 EBITDA was INR 142 crore vs INR 225 crore; standalone Q2 and H1 revenue were INR 1,906.71 million and INR 3,546.23 million, respectively.

Outlook and guidance

• FY25 revenue was expected to be similar to FY24, with stronger numbers from Q3 as demand recovered and pharma and polymer contributions increased.

• FY26 was expected to mark a return to the prior growth trajectory; H2 FY25 volume offtake was expected to improve, though recovery was not yet fully established.

• Medium-term consolidated EBITDA margin guidance was 25%–27%; LOIs were expected to generate INR 1,200–1,400 crore in annualized revenue as products commercialized and ramped.

• Pharma and polymer were expected to contribute more than one-quarter to one-third of revenue over time, with pharma potentially reaching the 20% range before polymer.