Manorama Industries (541974) Q3 24/25 earnings summary

Executive summary

• Achieved record Q3FY25 revenue of INR 2,092 million (₹20,920.47 lakhs), up 112.5% YoY, driven by strong demand, new fractionation facility commercialization, and expansion into seven new subsidiaries in Africa and UAE.

• 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 (₹3,046.56 lakhs), with PAT margin at 14.1%.

• Domestic to export market mix stood at 27:73 in Q3FY25.

• The company operates a single business segment: manufacturing of exotic seed-based fats and butters, including cocoa butter equivalents, with operations primarily in India and exports.

Financial highlights

• Q3FY25 revenue: INR 2,092 million (₹20,920.47 lakhs, consolidated); 9MFY25 revenue: INR 5,380 million (₹53,803.61 lakhs).

• Q3FY25 EBITDA: INR 552 million (+253.4% YoY); 9MFY25 EBITDA: INR 1,271 million (+141.1% YoY).

• Q3FY25 PAT: INR 295 million (₹3,046.56 lakhs); 9MFY25 PAT: INR 698 million (₹6,974.83 lakhs).

• Diluted EPS for Q3FY25: INR 4.95 (₹5.11, consolidated); 9MFY25: INR 11.67 (₹11.70, consolidated).

• Gross profit margin in Q3FY25: 52.8% (+612 bps YoY); EBITDA margin: 26.4% (+1,051 bps YoY); PAT margin: 14.1% (+656 bps YoY).

Outlook and guidance

• On track to meet FY25 revenue target of over INR 7,500 million, with prospects for higher profitability from scale and margin enhancements.

• Evaluating capex for forward integration (CBE, palm mid fraction, industrial chocolates) and backward integration (processing units in India and Africa).

• The company continues to focus on its core manufacturing segment and has expanded its international presence through new subsidiaries.