Apollo Micro Systems (APOLLO) Q3 24/25 earnings summary

Executive summary

• End-to-end design, development, testing and manufacturing of mission-critical electronics and electromechanical systems for defence, aerospace, space and homeland security.

• More than 150 indigenous programmes, 700+ onboard technologies and an R&D team of 165+ spanning missile, naval, avionics and space systems.

Financial highlights

• Consolidated Q3 FY25 revenue was ₹14,839.35 lakh and PAT ₹1,823.87 lakh, up 62.5% and 83.1% YoY, respectively.

• Consolidated 9M FY25 revenue was ₹40,030.25 lakh and PAT ₹4,239.69 lakh, up 69.5% and 133.2% YoY, respectively.

• EBITDA was Rs 379.6 Mn in Q3 FY25, up 58.1% YoY, and Rs 932.2 Mn in 9M FY25, up 69.1%; EBITDA excludes other income.

• Q3 revenue was below Q2 FY25's Rs 1,607.1 Mn; EBITDA rose from Rs 328.9 Mn to Rs 379.6 Mn and PAT from Rs 157.3 Mn to Rs 182.4 Mn.

• Consolidated Q3 PBT was ₹2,619.04 lakh versus ₹1,437.33 lakh YoY; 9M PBT was ₹6,054.97 lakh versus ₹2,592.90 lakh.

Outlook and guidance

• R&D investments are expected to begin contributing to business in FY25 and FY26; focus includes Make proposals and technologies for defence programmes.

• IPIDS construction was targeted for completion by end-FY25; operational space across Units II and III was expected to reach 3.5 lakh sq. ft. by June 2025.

• Two additional units are planned at the same location, with proposed capex of Rs 250 crore; a weapon integration facility was planned for inauguration by end-2025.