Ceinsys Tech (538734) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue was INR 90 crore; operational revenue growth was reported at 54% YoY, while the investor presentation reported revenue growth of 71%.

• Q2 PAT grew 149% YoY; H1 FY25 revenue rose 46% and PAT rose 82%.

• Order book reached INR 1,210 crore at 30 September 2024, with 76% from geospatial and engineering services.

• Raised INR 235 crore through equity and warrants; cash surplus was INR 171.9 crore at period-end.

• Acquired U.S. geospatial assets and advanced data-center capabilities in Q2 FY25.

Financial highlights

• Q2 FY25 revenue was INR 90 crore, EBITDA INR 17 crore and PAT INR 12 crore; reported EBITDA and PAT margins were 18.67% and 13%.

• Investor presentation reported Q2 revenue of INR 900 Mn, up 71%, EBITDA of INR 168 Mn, up 54%, and PAT of INR 117 Mn, up 149%.

• H1 FY25 consolidated revenue was INR 1,638.86 lakh and net profit INR 235.63 lakh; standalone revenue was INR 1,411.08 lakh and net profit INR 256.33 lakh.

• H1 FY25 revenue rose 46% to INR 164 crore; EBITDA increased 42% to INR 30 crore, and PAT grew 82% to INR 24 crore.

• Q2 standalone revenue and EBITDA were INR 78 crore and INR 20 crore, versus consolidated revenue of INR 90 crore and EBITDA of INR 17 crore; subsidiary growth and acquisition spending affected consolidation.

Outlook and guidance

• Management expects robust growth and considers current margins sustainable, but gave no formal forward financial guidance.

• INR 1,000 crore annual revenue was described as achievable potentially within two to three years, subject to the order book; management said this was a direction, not a formal forecast.

• Q4 is expected to remain stronger due to government-related work, while diversification may reduce historical seasonal swings.

• The INR 1,210 crore order book includes INR 1,100–1,125 crore of CapEx work expected to execute over 18–24 months; O&M contracts run for one to five years.

• Data-center market research and team mobilization are underway, focused on design services such as liquid cooling; a meaningful business may take one to two years to develop.