Cemindia Projects (509496) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 total income reached INR 1,991 crore (Rs. 1,991 crore), up 24% year-over-year, with EBITDA at INR 204 crore (Rs. 204 crore, up 18%) and PAT at INR 72 crore (Rs. 72 crore, up 34%).

• H1 FY25 total income was INR 4,372 crore (Rs. 4,372 crore), up 27% year-over-year, with EBITDA at INR 442 crore (Rs. 442 crore, up 27%) and PAT at INR 172 crore (Rs. 172 crore, up 63%).

• Secured major new contracts across residential, commercial, industrial, and infrastructure segments, enhancing order book visibility.

• Maintains a diversified and consolidated order book of Rs. 17,986 crore as of September 30, 2024, ensuring multi-year revenue visibility.

• Revenue growth was impacted by monsoon delays in the Ganga Expressway project and political issues in Bangladesh, but overall project progress remains steady.

Financial highlights

• Q2 FY25 total income: INR 1,991 crore (Rs. 1,991 crore, +24% YoY); EBITDA: INR 204 crore (Rs. 204 crore, +18% YoY); PAT: INR 72 crore (Rs. 72 crore, +34% YoY).

• H1 FY25 total income: INR 4,372 crore (Rs. 4,372 crore, +27% YoY); EBITDA: INR 442 crore (Rs. 442 crore, +27% YoY); PAT: INR 172 crore (Rs. 172 crore, +63% YoY).

• FY24 revenue reached Rs. 7,718 crore, EBITDA Rs. 809 crore, and PAT Rs. 274 crore.

• Q2 FY25 consolidated EBITDA margin stood at 10.3%; H1 FY25 EBITDA margin was 10.1%.

• Basic and diluted EPS for Q2 FY25 were Rs. 4.19; for H1 FY25, Rs. 10.03.

Outlook and guidance

• Revenue growth guidance of 20% for FY25, tapering to 15% as scale increases.

• EBITDA margin guidance remains above 10%.

• Expectation to secure INR 5,000–6,000 crore in new orders in H2 FY25, in addition to INR 1,600 crore already booked in October.

• Order pipeline of INR 30,000 crore, with 25% from overseas markets; most bids expected to finalize by March.

• Multi-year revenue visibility supported by a diversified and geographically spread order book.