Praj Industries (PRAJIND) Q3 24/25 earnings summary

Executive summary

• Order book reached its highest level in three quarters, with international orders comprising 40% of the total; strong order intake (INR 10,530 Mn) and record backlog (INR 43,490 Mn) reported.

• Strategic focus on co-products like bio-bitumen and distillers' corn oil to enhance project viability and differentiation.

• Leadership transition announced: Ashish Gaikwad appointed as Managing Director for five years, effective February 2025.

• Ambitious growth target: aim to triple revenue and quintuple profit by 2030.

• Praj Industries operates in 100+ countries, is net debt free, and holds a ~10% global ethanol market share (excluding China).

Financial highlights

• Q3 FY25 consolidated revenue at INR 8,530.3 million, up 2.9% YoY; nine-month revenue at INR 23,683.6 million, down 3.2% YoY.

• Q3 EBITDA: INR 588 million, down from INR 919 million YoY; Q3 PAT: INR 411 million, down from INR 704 million YoY; nine-month PAT: INR 1,791.2 million.

• Diluted EPS for Q3 FY25 at INR 2.23; for nine months, INR 9.74.

• Export revenues accounted for 21% in Q3; cash in hand as of December 31: INR 6.4 billion.

• Exceptional item in Q3 FY25: profit of INR 281.6 million from sale of land classified as 'Asset held for sale.'

Outlook and guidance

• Order intake for the quarter was INR 10.5 billion, with 60% domestic; order backlog at INR 43.5 billion.

• Management maintains guidance for 3X revenue and 5X profit growth by 2030.

• Expectation of SAF (Sustainable Aviation Fuel) market growth, with regulatory mandates effective January 2027.

• Praj Board approved JV with BPCL for CBG plants, indicating expansion in bioenergy.

• Engineering business revenue from GenX facility expected to flow from H2 FY2026.