Manorama Industries (541974) Q3 24/25 earnings summary

Executive summary

• Achieved record operational and financial performance in Q3 FY25, with revenue of INR 2,092 million, up 112.5% YoY, driven by robust demand and commercialization of new fractionation facility.

• EBITDA rose 253.4% YoY to INR 552 million, with margin expanding to 26.4% due to scale and operational efficiency.

• PAT surged 296.8% YoY to INR 295 million, with PAT margin at 14.1%.

• Overseas expansion with seven new subsidiaries in Africa and UAE to secure sourcing and expand client base in MENA and Latin America.

• Strategic focus on sustainable growth, R&D, and value-added specialty fats and butters for global confectionery and food industries.

Financial highlights

• Q3 FY25 revenue grew 112.5% YoY to INR 2,092 million, with exports contributing 73% of total revenue.

• EBITDA rose 2.5x YoY to INR 552 million; EBITDA margin expanded by 1,051 bps to 26.4%.

• PAT nearly tripled YoY to INR 295 million; PAT margin up 656 bps to 14.1%.

• Diluted EPS for Q3 FY25 was INR 4.95 (+296% YoY); basic EPS at INR 5.11.

• Employee benefit expenses in Q3 FY25 were INR 17.4 crore, including a one-time ESOP provision of INR 7.68 crore.

Outlook and guidance

• Confident of surpassing FY25 revenue guidance of INR 7,500 million, supported by strong order book and ongoing capex.

• Capacity utilization for new plant expected to reach 60-65% by FY25-end and 75-80% in FY26.

• EBITDA margin guidance raised to 23-25% for the full year, with further improvement anticipated.

• Focus remains on core manufacturing segment and international expansion.