Nava (513023) Q3 24/25 earnings summary

Executive summary

• Consolidated profits and margins grew sequentially, with energy, metals, and agriculture expansions progressing as planned.

• Board approved unaudited results for Q3 and 9M FY25; consolidated 9M FY25 revenue reached INR 30,794 Mn and PAT INR 11,312 Mn, up 13% YoY.

• Maamba Energy Limited incorporated a 100% subsidiary for a 100 MW solar project in Zambia.

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

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

Financial highlights

• Q3 FY25 consolidated revenue was ₹84,249.38 lakhs, with net profit at ₹35,326.17 lakhs; 9M FY25 revenue was INR 30,794 Mn and PAT INR 11,312 Mn, up 13% YoY.

• Q3 FY25 EBITDA was INR 4,855 Mn (margin 55.3%); 9M FY25 EBITDA was INR 15,676 Mn (margin 50.9%).

• Standalone revenue for Q3 FY25 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.

• Revenue dip in the quarter attributed to maintenance at the India power plant, which is now operational.

Outlook and guidance

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

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

• Avocado project to reach first commercial fruit by end of 2025; full maturity and revenue ramp-up expected in 2-3 years.

• Ongoing exploration in lithium, magnetite, and manganese, with results expected in about a year.

• Commercial agriculture projects, including avocado and sugar, are on track for expansion.