PG Electroplast (533581) Q2 24/25 earnings summary

Executive summary

• Consolidated revenues grew 75.0% year-over-year in H1 FY2025, reaching INR 1,991.98 crores, with continued profitability and the TV business shifting to a JV.

• Product business contributed 68% of total revenues, with Room AC up 143% and Washing Machines up 41% YoY.

• Operating margins improved YoY due to cost control and operating leverage.

• Order book for product business remains robust, with strong operating cash flow and focus on working capital optimization.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, were approved on November 11, 2024.

Financial highlights

• Q2 FY2025 consolidated sales rose 45.8% YoY to INR 671.3 crores; H1 FY2025 sales up 75.0% YoY to INR 1,991.98 crores.

• Q2 FY2025 EBITDA increased 48.2% YoY to INR 60.54 crores; H1 FY2025 EBITDA up 80.7% YoY to INR 195.08 crores.

• Q2 FY2025 PAT grew 57.2% YoY to INR 19.47 crores; H1 FY2025 PAT up 126.0% YoY to INR 104.40 crores.

• Half-year consolidated revenue was ₹132,459.05 lakh, net profit ₹8,369.51 lakh.

• Over eight years, revenue grew at a 34% CAGR and EBITDA at 38% CAGR.

Outlook and guidance

• FY2025 consolidated revenue guidance is at least INR 4,250 crores, a 54.7% increase over FY2024.

• Group revenues expected to reach INR 4,850 crores, including JV Goodworth Electronics.

• Net profit guidance for FY2025 is INR 250 crores, up 82.5% YoY.

• Product business growth expected at 78.3% YoY to INR 2,975 crores.

• The company continues to invest in capacity and operational expansion, supported by recent equity and QIP fund utilization.