Jindal Saw (JINDALSAW) Q2 24/25 earnings summary

Executive summary

• Standalone revenue for Q2 FY25 was INR 4,790 crores, up from INR 4,417 crores in the previous quarter and INR 4,611 crores in the same quarter last year, indicating stable top line growth.

• EBITDA for the quarter was INR 875 crores, compared to INR 842 crores in the previous quarter and INR 751 crores year-over-year; half-year EBITDA reached INR 1,717 crores, up from INR 1,364 crores last year.

• PAT for the quarter was INR 477 crores, up from INR 446 crores sequentially and INR 351 crores year-over-year; half-year PAT was INR 923 crores versus INR 630 crores last year.

• Amalgamation of Jindal Quality Tubular, Jindal Tubular (India), and Jindal Fittings completed, with financials restated for prior periods.

• Board approved results on October 18, 2024.

Financial highlights

• Standalone Q2 FY25 revenue: ₹4,724.5 Cr (up from ₹4,561.2 Cr YoY); H1 FY25: ₹9,061.4 Cr.

• Standalone Q2 FY25 net profit: ₹475.9 Cr (up from ₹352.1 Cr YoY); H1 FY25: ₹921.1 Cr.

• Consolidated Q2 FY25 revenue: ₹5,571.9 Cr (up from ₹5,466.2 Cr YoY); H1 FY25: ₹10,511.0 Cr.

• Consolidated Q2 FY25 net profit: ₹475.3 Cr (up from ₹355.8 Cr YoY); H1 FY25: ₹891.7 Cr.

• EPS (consolidated, Q2): ₹7.85 basic, ₹7.81 diluted (restated for share split).

Outlook and guidance

• Revenue and EBITDA are expected to remain stable for the next quarter or two, with potential for further growth as new products and higher-margin segments are introduced.

• Export mix is anticipated to rise back to the 20-25% range, with a focus on MENA and North America, especially in water and oil & gas segments.

• Management expects a favorable outcome in the Jindal ITF arbitration, with no adjustments made to carrying values.