Ceinsys Tech (538734) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 operational revenue grew 79% year-on-year to INR 212 crore (INR 1,118 Mn), with EBITDA up 102% to INR 22.1 crore (INR 214 Mn), and PAT up 71% to INR 11.18 crore (INR 178 Mn), with margins at 19.14% and PAT margin at 15.92%.

• Nine-month FY25 operational revenue reached INR 276 crore (INR 2,757 Mn), up 58% year-on-year, with EBITDA up 62% to INR 251 crore (INR 513 Mn), and net profit up 77% to INR 41 crore (INR 414 Mn).

• The company surpassed FY24 full-year top line, EBITDA, and profit within nine months.

• Total order book as of December 2024 stands at INR 1,390 crore (INR 13,900 Mn), with major new project wins in water and geospatial domains.

• Board approved unaudited results for Q3 and nine months ended Dec 31, 2024, and re-appointed Mr. Prashant Kamat as Vice Chairman and CEO.

Financial highlights

• Q3 FY25 operational revenue: INR 212 crore (INR 1,118 Mn), up 79% YoY; EBITDA: INR 22.1 crore (INR 214 Mn), up 102% YoY; EBITDA margin: 19.14%.

• Q3 FY25 net profit: INR 11.18 crore (INR 178 Mn), up 71% YoY; PAT margin: 15.92%.

• Nine-month FY25 operational revenue: INR 276 crore (INR 2,757 Mn), up 58% YoY; EBITDA: INR 251 crore (INR 513 Mn), up 62% YoY; EBITDA margin: 18.61%.

• Nine-month FY25 net profit: INR 41 crore (INR 414 Mn), up 77% YoY; PAT margin: 15.02%.

• Working capital cycle improved to 124 days as of Dec 2024, down from 237 days in Mar 2023.

Outlook and guidance

• Management remains optimistic about future growth, focusing on project execution, operational efficiency, and leveraging India's geospatial market growth.

• No formal revenue or profitability guidance for FY25 or FY26; policy may be reviewed after year-end.

• Q4 expected to be the best quarter, with significant execution planned, especially for the river linking project.

• Plans to expand in EV mobility, digital water management, and renewable energy sectors.