Cupid (530843) Q3 23/24 earnings summary

Executive summary

• Q3 FY24 total income was ₹4,077.97 lakh and net profit ₹886.37 lakh; 9M total income reached ₹11,242.71 lakh and net profit ₹1,613.77 lakh.

• Q3 revenue from operations rose 16% QoQ to ₹4,005.16 lakh, while female condom sales were INR 1 crore amid South African port delays.

• Board approved a proposed preferential warrant issue, share split, 1:1 bonus issue and increase in authorized capital, subject to approvals.

Financial highlights

• Q3 revenue from operations was ₹4,005.16 lakh vs ₹4,176.35 lakh YoY and ₹3,446.37 lakh QoQ; 9M revenue was ₹10,819.13 lakh vs ₹11,782.91 lakh.

• Q3 PBT was ₹1,173.45 lakh vs ₹1,321.93 lakh YoY and ₹641.54 lakh QoQ; 9M PBT was ₹2,037.56 lakh vs ₹3,112.89 lakh.

• Q3 net profit was ₹886.37 lakh vs ₹1,003.33 lakh YoY and ₹511.61 lakh QoQ; 9M net profit was ₹1,613.77 lakh vs ₹2,324.73 lakh.

• Q3 EBITDA margin was 30.3%; inventory was INR 23 crore at Dec. 31, including female condom stock held amid export delays.

Outlook and guidance

• Q4 revenue outlook was conservatively INR 55 crore, against a pipeline of INR 60–65 crore; PAT was projected near INR 15 crore, with INR 21 crore of female condom sales expected.

• Management targets PAT margin above 25% and EBITDA margin above 35% as scale increases.

• Post-expansion revenue is projected near INR 400 crore and EBITDA above INR 100 crore.

• Three to four dipping lines are expected by end-2024, adding nearly 300 million male condoms to current capacity of 480 million units.