Enviro Infra Engineers (EIEL) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue rose 65% YoY to ₹247.45 crore and PAT increased 111% to ₹36.72 crore; 9M revenue grew 55% to ₹665.65 crore and PAT rose 108% to ₹103.07 crore.

• Project order book was ₹1,687 crore, with ₹738 crore of O&M contracts and ₹2,164 crore of projects bid for as of 31 Dec 2024.

• FY25 revenue is expected to exceed ₹1,000 crore; management targets 35%-40% annual growth over the next 4-5 years, with 24%-25% EBITDA margins.

Financial highlights

• Consolidated Q3 FY25 revenue from operations was ₹247.45 crore vs ₹149.94 crore; PAT was ₹36.72 crore vs ₹17.38 crore in Q3 FY24.

• Consolidated 9M FY25 revenue was ₹665.65 crore vs ₹434.25 crore; PAT was ₹103.06 crore vs ₹49.45 crore.

• 9M FY25 EBITDA was ₹160.84 crore; total income was ₹681.80 crore and profit before tax was ₹141.18 crore. No exceptional items were recorded in the presented periods.

• Consolidated Q3 and 9M EPS were ₹2.59 and ₹7.28, respectively, compared with ₹1.32 and ₹3.75 in the prior-year periods.

Outlook and guidance

• Management expects FY25 revenue to exceed ₹1,000 crore and aims to outperform that level; Q4 typically contributes ~40% of annual revenue, versus ~20% in each of the first three quarters, with ~5% variation either way.

• Revenue growth guidance is 35%-40% annually over the next 4-5 years, primarily led by wastewater projects; EBITDA margin guidance is 24%-25%.

• Management expects ~₹2,000 crore of orders to reach L1 or award stage for FY25, based on a historical bid success rate of 30%-35%.

• Strategy targets larger STP capacity, from 50 MLD to 200 MLD, and CETP capacity, from 20 MLD to 50 MLD; plans include East and South India expansion and more HAM bids.

• A renewable-energy subsidiary is planned, with initial solar revenue expected from FY26 and potential activity in 24/7 renewables, pumped hydro and green hydrogen.