PG Electroplast (533581) Q1 24/25 earnings summary

Executive summary

• Consolidated revenues for Q1 FY2025 surged 94.9% year-over-year to INR 1,320.68 crores, with strong growth in Room AC and Washing Machines segments despite lower average selling prices.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, were approved and reviewed by the Board and auditors.

• The group includes two wholly owned subsidiaries, a step-down subsidiary, a joint venture, and a controlled entity.

• Product business contributed 75.2% of total revenues, with Room AC business growing 130% and Washing Machines up 72% YoY.

• Operating margins improved YoY due to cost control and operating leverage, and net debt decreased by nearly INR 103 crores during the quarter.

Financial highlights

• Q1 FY2025 consolidated revenue reached INR 1,320.68 crores, up 94.9% YoY; EBITDA doubled to INR 134.54 crores, with margin at 10.2%.

• PAT for Q1 FY2025 was INR 84.93 crores, up 151.2% YoY; PAT margin improved to 6.4%.

• Standalone revenue from operations rose to ₹39,122.09 lakhs, up from ₹30,710.04 lakhs YoY.

• Consolidated profit after tax (after joint venture loss) was ₹8,369.51 lakhs, up from ₹3,380.56 lakhs YoY.

• Basic consolidated EPS for the quarter was ₹3.21, compared to ₹1.49 in the same quarter last year.

Outlook and guidance

• FY2025 consolidated revenue guidance is at least INR 3,650 crores, a 32.9% increase over FY2024.

• Group revenues, including JV, expected to reach INR 4,250 crores.

• Net profit guidance for FY2025 is INR 216 crores, up 57.7% YoY; EBITDA margins expected to improve slightly.

• Product business growth projected at 58.8% YoY, with new offerings and capacity expansions planned.

• Continued investment of QIP funds and share-based incentives indicate ongoing growth initiatives.