Syrma SGS Technology (SYRMA) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 sales revenue reached INR 8,428 million, up 17% year-on-year, with H1 revenue at INR 20,180 million, up 50% year-on-year.

• Q2 PAT was INR 396 million, up 30% year-on-year, with H1 PAT at INR 600 million and a PAT margin of 3.0%.

• Exports accounted for 23% of Q2 revenue, with strong growth expected in H2.

• Order book stands at INR 4,800 crore, with a diversified sectoral mix.

• Unaudited financials for Q2 and H1 FY25 were approved, with no material misstatements identified.

Financial highlights

• Q2 operating EBITDA was INR 810 million, up 46% year-on-year, with a margin of 8.8%.

• H1 operating EBITDA was INR 1,284 million, margin at 6.4%, up 37% year-on-year.

• Gross margin for Q2 was 25%, up 180 bps year-on-year; H1 gross margin at 20%.

• Net working capital reduced to 56 days from 70 days at the start of the year.

• Operating cash flow for H1 at INR 2,095.14 million.

Outlook and guidance

• Full-year revenue guidance maintained at INR 4,500 crore, with 40-45% growth and 7% EBITDA margin.

• Exports expected to reach INR 1,000 crore, targeting 20-25% growth in coming years.

• Forward-looking statements highlight risks from regulatory, competitive, and macroeconomic factors.