Goldiam International (526729) Q2 24/25 earnings summary

Executive summary

• H1 FY25 revenue was Rs. 30,278.17 lakh and PAT was Rs. 4,416.76 lakh; revenue grew 19.3%, EBITDA 21% to ₹688 Mn, and PAT 8% to ₹442 Mn YoY.

• Q2 consolidated revenue was Rs. 16,580.29 lakh and PAT was Rs. 2,212.48 lakh; reported revenue growth was 1%, but would have been 38% excluding delayed US shipments, recorded in October 2024.

Financial highlights

• H1 gross profit increased 32% YoY to ₹1,205 Mn; gross margin expanded 381 bps to 38.8%.

• Q2 gross profit rose 22% to ₹623 Mn and gross margin expanded 741 bps to 44.2%; EBITDA grew 4% to ₹346 Mn.

• Q2 PAT declined 6% YoY; PAT margin fell 115 bps to 15.7%, with tax expense up 31% to ₹109 Mn.

• Q2 standalone revenue was Rs. 14,345.42 lakh and PAT Rs. 2,361.89 lakh, versus Rs. 10,709.04 lakh and Rs. 1,359.10 lakh in Q2 FY24.

• H1 consolidated PBT was Rs. 6,574.36 lakh versus Rs. 5,428.40 lakh; total comprehensive income was Rs. 4,893.82 lakh versus Rs. 4,497.82 lakh.

Outlook and guidance

• The September 30, 2024 order book of ₹2,700 Mn was expected to be executed over the following three to four months; online spot sales excluded.

• ORIGEM planned an aggressive retail rollout; stores in Kharghar and Bandra were expected to open soon.