SJS Enterprises (SJS) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated revenue grew 45.0% YoY to ₹6,278m, supported by organic growth and nine months of WPI consolidation.

• WPI’s acquisition broadened passenger-vehicle and consumer exposure; FY24 revenue mix was 37.4% two-wheelers, 36.4% passenger vehicles and 20.2% consumer appliances.

• FY24 guidance was achieved: 45% revenue growth and over 30% PAT growth excluding WPI acquisition amortisation.

Financial highlights

• Consolidated PBT was ₹1,126.49m and reported PAT ₹853.71m, up 26.94% YoY; diluted EPS was ₹26.87 versus ₹21.81.

• EBITDA rose 36.9% YoY to ₹1,599.1m; margin was 25.2% versus 26.3% in FY23.

• Adjusted PAT excluding WPI acquisition amortisation was ₹921.8m, up 37.1% YoY, with a 14.7% margin; reported PAT was ₹853.7m.

• Consolidated operating cash flow was ₹1,087.02m versus ₹870.04m in FY23; investing outflow included ₹2,274.84m net for the WPI acquisition.

Outlook and guidance

• FY25 growth is expected to exceed underlying industry growth by over 1.5x, while maintaining a resilient margin profile.

• The current order book covers over 85% of forecast FY25 revenue.

• WPI is expected to be EPS-accretive in coming years; growth priorities include premiumisation, new products, export expansion and deeper OEM penetration.

• Kit-value ambitions: passenger vehicles and consumer appliances 3–4x legacy levels; two-wheelers 1.5–2x.