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Healthy set of numbers

• KOEL reported a healthy set of numbers, with a beat on profitability.
• Revenue at INR14.4b (+8% YoY) was broadly in line with our estimates. On a consolidated basis, the B2B segment’s revenue increased 9% YoY, while B2C was flat YoY.
• EBITDA at INR1.9b was 9% ahead of our estimates of INR1.8b, albeit down 4% YoY. EBITDA margin stood at 13.2% for 1QFY26. The 1QFY25 EBITDA included INR240m worth of provision reversals for overdue receivables made for a customer towards sales made in earlier years. Excluding that, the 1QFY25 EBITDA margin stood at 12.8%. Hence, its EBITDA margin has grown 40bp YoY.
• On a segmental basis, margins have been decent in the quarter, with the B2B segment’s EBIT margin improving 180bp sequentially to 10.9% and the B2C segment’s EBIT margin at 9.5%.
• KOEL’s PAT at INR1.23b (-9% YoY) beat our estimate by 10%. Excluding the reversal of last year, PAT for last year stood at INR1.17b.

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