Fiem Industries (FIEMIND) Q4 23/24 earnings summary

Executive summary

• FY24 net sales reached a record INR 2,014.37 crore, up 9.83%; PAT was INR 165.84 crore, up 18.77% YoY.

• Consolidated FY24 revenue from operations was INR 2,028.78 crore and net profit after JV share was INR 165.71 crore; standalone and consolidated audits received unmodified opinions.

Financial highlights

• Q4 standalone revenue from operations was INR 557.41 crore vs. INR 436.25 crore YoY; net profit was INR 47.19 crore vs. INR 38.05 crore.

• Q4 EBITDA was INR 75.46 crore vs. INR 60.21 crore; EBITDA margin was 13.6% vs. 13.91% YoY.

• FY24 standalone revenue from operations was INR 2,027.84 crore vs. INR 1,847.98 crore; PAT was INR 165.84 crore vs. INR 139.63 crore.

• FY24 EBITDA was INR 267.97 crore excluding other income and INR 283.9 crore including other income; standalone net sales were INR 2,014.37 crore.

• Consolidated FY24 revenue from operations was INR 2,028.78 crore vs. INR 1,848.06 crore; net profit after JV share was INR 165.71 crore vs. INR 139.83 crore.

Outlook and guidance

• FY25 organic revenue growth is expected at 12%-15%, based on anticipated two-wheeler OEM growth of 8%-10%; this excludes significant new-business contributions.

• FY25 margin improvement is an objective; margins are already above 13%.

• Two-wheeler industry growth is expected to exceed 10% over the next couple of years; organic growth may exceed industry growth.

• 2W EVs are a growth opportunity; focus includes major Indian EV OEMs and LED lighting, mirrors and plastic parts.

• Passenger-car and hub-motor contributions depend on orders and customer outcomes; a passenger-car business plan was expected by FY24 year-end.