Fairfax India (FIHU) Q3 2024 earnings summary

Executive summary

• Net earnings of $34.0 million in Q3 2024 ($0.25 per diluted share), down from $133.0 million ($0.93 per diluted share) in Q3 2023.

• Book value per share increased 0.7% to $21.67 at September 30, 2024 from $21.52 at June 30, 2024.

• Net change in unrealized gains on investments of $83.4 million, mainly from IIFL Securities and private investments, partially offset by declines in other holdings.

• Completed $83 million investment in Global Aluminium Private Limited in October 2024.

Financial highlights

• Total income for Q3 2024 was $88.7 million, down from $185.1 million in Q3 2023.

• Net realized gains on investments were $0.3 million in Q3 2024 versus a loss of $0.2 million in Q3 2023.

• Net change in unrealized gains on investments was $83.4 million in Q3 2024, down from $177.5 million in Q3 2023.

• Cash and marketable securities stood at $285.7 million as of September 30, 2024, prior to the Global Aluminium acquisition.

Key financial ratios and metrics

• Book value per share at September 30, 2024 was $21.67, compared to $21.85 at December 31, 2023.

• Weighted average shares outstanding were 135.2 million in Q3 2024 and 136.5 million in Q3 2023.

• Net earnings per diluted share were $0.25 in Q3 2024, down from $0.93 in Q3 2023.