ASK Automotive (ASKAUTOLTD) Q2 24/25 earnings summary

Executive summary

• Achieved record revenue and profitability in Q2 and H1 FY25, with strong growth across all business verticals and sustained robust performance since listing.

• Revenue and profit growth outpaced industry averages, driven by higher volumes, cost optimization, and capacity utilization.

• Outperformed two-wheeler industry growth, supported by strong demand and positive market sentiment, especially during the festive season.

• Major investments in new manufacturing facilities and renewable energy initiatives are underway.

• Completed IPO in November 2023, raising ₹833.91 crore through an offer for sale.

Financial highlights

• Q2 FY25 revenue grew 22% YoY to ₹976 crore; H1 FY25 revenue up 26% to ₹1,841 crore.

• Q2 FY25 EBITDA rose 50% YoY to ₹119 crore; H1 FY25 EBITDA up 55% to ₹222 crore.

• Q2 FY25 PAT increased 63% YoY to ₹67 crore; H1 FY25 PAT up 63% to ₹124 crore.

• EPS for H1 FY25 rose to ₹6.3 from ₹3.86 YoY; Q2 FY25 EPS at ₹3.41.

• Consolidated gross margin for Q2 FY25 was approximately 30.2%; net margin at 6.9%.

Outlook and guidance

• Expects continued growth in the two-wheeler sector for the remainder of FY25, supported by positive market sentiment and upcoming festive season.

• Aims to sustain or improve EBITDA margins above 12% for the full year and further next year.

• Karoli plant ramp-up expected to reach 70% utilization next year; incentives to accrue from Q4 FY25 and fully in FY26.

• Export revenue targeted at ₹250–300 crore in FY26, supported by a new recurring annual order of ₹75 crore.

• Construction of the new Bengaluru plant is progressing on schedule, targeting operational status in Q4 FY25.