Apcotex Industries (APCOTEXIND) Q3 24/25 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue of INR 355 crore (INR 3,553 Mn) in Q3 FY25, up 38.2% year-over-year, with global presence and marquee clients across sectors.

• EBITDA for Q3 FY25 was INR 27 crore (INR 271 Mn), up 6.7% year-over-year, with a margin of 7.63%.

• Profit after tax for Q3 FY25 reached INR 12 crore (INR 116 Mn), up 4.5% year-over-year; 9M FY25 PAT at INR 373 Mn (-3.4% YoY).

• Recognized in Forbes Asia's Best Under A Billion 2023 list.

• Appointment of Mr. Rajendra Mariwala as Additional Non-Executive Independent Director effective February 1, 2025.

Financial highlights

• Q3 FY25 saw 23% volume growth and 30% export volume growth year-over-year; export revenue contributed 33% of Q3 and 32% of 9M sales.

• Nine-month revenue rose 28.1% year-over-year to INR 1,043 crore (INR 10,430 Mn), with EBITDA at INR 86 crore (INR 862 Mn), up 4.2%.

• EBITDA margin for nine months stood at 8.26%, down 190 bps YoY.

• Gross margin for Q3 was 22.8%, and for nine months, 24.6%, the lowest in a decade due to margin pressures.

• Diluted EPS for 9M FY25 at INR 7.2, down 3.2% YoY.

Outlook and guidance

• Margin recovery expected in Q4 as raw material and freight costs stabilize; interim dividend declared for FY 2024-25.

• Full-year revenue run rate projected at INR 1,400-1,450 crore, with potential to reach INR 1,700 crore at full capacity.

• Export share expected to rise from one-third to 42%-45% of total revenue in coming years.

• Forward-looking statements note risks from earnings fluctuations, competition, economic growth, and regulatory changes.