Ceinsys Tech (538734) Q1 24/25 earnings summary

Executive summary

• Consolidated Q1 FY25 revenue from operations was ₹7,384.17 lakhs, up 37% YoY; EBITDA was INR 132 Mn, up 16%, and PAT was ₹1,190.93 lakhs, up 42%.

• Confirmed order book stood at ~INR 750 crore, with a bid pipeline exceeding INR 200 crore; some projects have two-to-three-year execution timelines.

• The Board approved unaudited standalone and consolidated results and noted the statutory auditors’ limited review reports.

Financial highlights

• Q1 FY25 EBITDA margin was 17.89%, down 330 bps YoY and up 218 bps sequentially; PAT margin was 16.12%.

• Standalone Q1 FY25 revenue was ₹6,274.16 lakhs and net profit was ₹909.70 lakhs, versus ₹4,056.65 lakhs and ₹455.08 lakhs, respectively, in Q1 FY24.

• Consolidated basic EPS was ₹7.29, versus ₹5.43 in Q1 FY24; diluted EPS was INR 7.29 per share, up 34% YoY.

• A delayed Uttar Pradesh third-party inspection project reduced potential Q1 revenue by INR 12–13 crore while costs continued; management expects to recoup the impact over the next three to four quarters.

Outlook and guidance

• Management declined formal forward guidance but targeted growth ahead of sector growth; cited sector growth of 20%–30% and prior-year growth of 25%–27%.

• Projects in the pipeline target EBITDA margins of 20%–30%; management expects sustainable margin improvement, subject to full-year performance.

• Around INR 150 crore of the INR 200 crore bid pipeline was expected to be decided by September, subject to final approvals.

• Growth priorities include GeoAI, spatial analytics, digital twins, AR/VR, EV-related manufacturing, and government infrastructure initiatives; further acquisitions are planned across geospatial, manufacturing, and technology.

• Data-center consulting opportunities are being pursued, with progress to be assessed over two to three quarters and no revenue timeline provided.