Hinduja Global Solutions (HGS) Q4 24/25 earnings summary

Executive summary

• FY25 operating revenue was ₹4,404.2 crore and EBITDA ₹811.8 crore, at a 16.4% margin; Q4 revenue was ₹1,161.1 crore and EBITDA ₹279.2 crore, at a 21.5% margin.

• FY25 PAT was ₹100.7 crore, including a ₹218.54 crore gain from discontinued healthcare operations; continuing operations recorded a ₹117.82 crore loss.

• Market softness, political uncertainty and extended sales cycles weighed on performance; priorities include margin expansion and digital operations growth.

Financial highlights

• Q4 FY25 operating revenue was ₹1,161.06 crore, up from ₹1,064.1 crore in Q3 and ₹1,098.7 crore in Q4 FY24.

• Q4 total income was ₹1,297.7 crore; EBITDA was ₹279.2 crore and margin 21.5%, versus 19.0% in Q3 and 17.9% in Q4 FY24.

• Q4 PBT was ₹103.45 crore and PAT was a ₹1.69 crore loss; tax expense was ₹105.1 crore, largely reflecting deferred tax.

• FY25 revenue from operations was ₹4,404.18 crore vs ₹4,615.72 crore in FY24; EBITDA was ₹811.8 crore vs ₹828 crore, with margins of 16.4% vs 16.3%.

• FY25 PAT was ₹100.72 crore vs ₹131.16 crore; total income was ₹4,958.76 crore vs ₹5,087.78 crore.

Outlook and guidance

• H2 FY25 contracts are expected to contribute significant revenue growth in FY26; digital services are expected to rise as a share of revenue.

• FY26 priorities include margin expansion, smaller and shorter projects, digital operations growth in North America, the UK and Australia, and offshore delivery.

• Initial packaged AI solutions are planned for consumer and retail, BFSI, and TMT, with a dedicated product, delivery, R&D and go-to-market team.

• Broadband plans include organic subscriber growth, upselling, underserved markets, higher CelerityX contract value and IPTV rollout to key cities in early Q2.