Jai Balaji Industries (JAIBALAJI) Q4 23/24 earnings summary

Executive summary

• FY24 delivered record revenue, EBITDA and PAT; revenue rose 5%, reported EBITDA 254% and PAT 1,422% YoY.

• Strategy prioritizes higher-value DI Pipes and Specialized Ferro Alloys, capacity expansion, margin growth and a net-debt-free position within 15 months.

Financial highlights

• FY24 revenue from operations was ₹641,378.02 lakh, up 5% YoY; reported EBITDA was ₹9,063 Mn, up 254%.

• Adjusted FY24 EBITDA was ₹9,752 Mn, up 71%, with a 15% margin versus 9%; reported EBITDA margin was 14% versus 4%.

• FY24 net profit was ₹87,956.46 lakh versus ₹5,782.44 lakh; PAT margin was 14% versus 1%, and basic EPS was ₹55.80 versus ₹4.49.

• Q4 revenue was ₹18,456 Mn, up 7% YoY; adjusted EBITDA was ₹2,574 Mn versus ₹2,654 Mn, and net profit was ₹27,297.94 lakh versus a year-earlier loss.

Outlook and guidance

• FY25 guidance: revenue growth of 25%-30%, EBITDA margin of 17%-18%, net debt of ₹2,250-2,500 Mn and DI Pipes production above 4 lakh tonnes.

• DI Pipes capacity is targeted to reach 660,000 TPA and Ferro Alloys capacity 190,000 TPA; utilization target is above 90%.

• EBITDA margin target is 18%-20%; value-added and specialized products are targeted to rise from 55% to 80% of revenue.

• Net-debt-free status is targeted within 15 months, with the capex program funded from internal accruals.