INOX India (INOXINDIA) Q2 24/25 earnings summary

Executive summary

• Q2 FY2025 revenue reached ₹320 Cr, up 21% YoY, with EBITDA at ₹77.3 Cr (+17.7% YoY) and PAT at ₹50.1 Cr (+10% YoY).

• Order backlog hit an all-time high of ₹1,178 Cr as of September 2024, with 53% from exports and strong international demand.

• The company is capitalizing on India's energy transition, especially in LNG and hydrogen, and expanding its presence in international markets.

• Awarded ET Energy Award in two categories for excellence in EPC and equipment manufacturing.

• Secured large export orders for LNG trailers, storage systems, and EPC projects in South America and the Middle East.

Financial highlights

• Q2 FY2025 total income was ₹320 Cr, up 21% YoY; H1 income was ₹622 Cr, up 6.9% YoY.

• Q2 EBITDA grew 17.7% to ₹77.3 Cr; H1 EBITDA at ₹153 Cr.

• Quarterly PAT rose 10% to ₹50.1 Cr; H1 PAT at ₹101.3 Cr.

• EBITDA margin for Q2 FY25 at 24.2%; PAT margin at 15.6%.

• Net cash position of ₹191 Cr as of September 30, 2024; total debt is nearly nil.

Outlook and guidance

• Management expects full-year revenue growth of 20%, with margins in the 21%-25% range.

• Focus on LNG and hydrogen opportunities, targeting the entire value chain and new applications.

• Operating cash flow expected to improve as CapEx moderates; company remains cash positive for the year.

• Keg segment expected to contribute ₹50-60 Cr in FY2025.

• Management is optimistic about order inflows and capacity expansion supporting growth targets.