Electronics Mart India (EMIL) Q2 24/25 earnings summary

Executive summary

• H1 FY25 revenue reached INR 3,361 crores, up 13% year-over-year, with Q2 FY25 revenue at INR 1,386 crores, up 6% year-over-year.

• H1 FY25 EBITDA was INR 238 crores, up 5% year-over-year; Q2 FY25 EBITDA was INR 84 crores, down 13% year-over-year.

• H1 FY25 PAT was INR 97 crores, down 1% year-over-year; Q2 FY25 PAT was INR 25 crores, down from INR 37 crores in Q2 FY24.

• 18 new stores opened in H1 FY25, bringing the total to 177 stores across 70 cities in six states.

• Unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2024 were approved and released, with an unqualified limited review report from the statutory auditors.

Financial highlights

• H1 FY25 revenue grew 13% year-over-year to INR 3,361 crores; Q2 FY25 revenue grew 6% year-over-year to INR 1,386 crores.

• H1 FY25 EBITDA was INR 238 crores (up 5% year-over-year); Q2 FY25 EBITDA was INR 84 crores (down from INR 97 crores in Q2 FY24).

• H1 FY25 PAT was INR 97 crores (down 1% year-over-year); Q2 FY25 PAT was INR 25 crores (down from INR 37 crores).

• H1 FY25 EBITDA margin was 7.1% (down 50 bps YoY); Q2 FY25 EBITDA margin was 6.1% (down 130 bps YoY).

• Pre-Ind AS cash flow from operations for H1 FY25 was INR 264 crores; net cash from operating activities for H1 FY25 was Rs. 320 crore.

Outlook and guidance

• Confident in achieving 15%-18% full-year revenue growth, with festive and summer seasons expected to drive sales.

• Guidance to add 25-30 new stores in FY25 remains intact, with plans for new MBOs in NCR, Andhra Pradesh, and Telangana.

• Focus on deepening store network in existing clusters, modernizing stores, and investing in technology and omni-channel capabilities.

• No significant increase in debt levels expected despite ongoing store expansion.