Nava (513023) Q3 24/25 earnings summary

Executive summary

• Consolidated profits and margins grew sequentially, with 9M FY25 PAT at INR 11,312 Mn, up 13% YoY, and Q3 FY25 profit at INR 3,533 Mn, despite revenue declines; board approved unaudited results for the period.

• Expansion in metals, energy, and agriculture is progressing, including commercial agriculture and avocado plantations in Zambia.

• Maamba Energy maintained high plant availability, advanced phase two expansion, and incorporated a subsidiary for a 100 MW solar project in Zambia.

• Acquisition of 0.31% residual equity in Maamba Energy Limited for $2.25 million increased stake to 65%.

• Shareholders approved a stock split, subdividing each ₹2 share into two ₹1 shares, effective January 20, 2025.

Financial highlights

• Consolidated Q3 FY25 revenue was ₹84,249.38 lakhs (INR 8,424.94 Mn), down from ₹92,994.84 lakhs YoY; 9M FY25 revenue reached INR 30,794 Mn.

• Q3 FY25 consolidated net profit was ₹35,326.17 lakhs (INR 3,532.62 Mn); 9M FY25 PAT was INR 11,312 Mn, up 13% YoY.

• Q3 FY25 EBITDA margin was 55.3%; 9M FY25 EBITDA margin was 50.9%.

• Standalone Q3 FY25 revenue was ₹27,996.36 lakhs, with net profit at ₹4,737.72 lakhs.

• Basic EPS for Q3 FY25 (consolidated) was ₹8.62, adjusted for the stock split.

Outlook and guidance

• Maamba phase two (300 MW) expected commissioning by August 2026, with a PPA signed at $0.095 per unit.

• 100 MW solar project in Zambia is under development, with project details and agreements in progress.

• Avocado project to reach first commercial fruit by end of the year, with full maturity in 3-4 years.

• Ferroalloys business expects improved profitability in Q4 due to better export prices and cost coverage.