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All-round beat led by robust Wires & Cables growth

4QFY25 Result

* Revenue at INR 22.2bn up 26% yoy (5% above JMFe) led by a strong showing in Wires & Cables.

* EBITDA at INR 1.9bn up 69% YoY (32% above JMFe) with EBITDA margin seeing an expansion of ~220bps at 8.8% vs 6.6% YoY primarily due to 120bps expansion in gross margin and reduction in staff expenses by 86bps YoY (only +2% YoY on absolute basis) and savings in other expenses as (14bps reduction).

* PAT at INR 1.3bn, up 63% YoY (34% above JMFe). However, increased depreciation, finance cost and lower other income (down 38% YoY) dragged the PAT.

* CAPEX for FY25 stood at INR ~3.7bn, primarily attributable to increasing cables capacity. FY25 CWIP stood at INR 2.3bn.

* Working Capital days have reduced to 56 in FY25 vs 64 in FY24 leading to greater cash and cash equivalents.

Segmental Performance

* W&C revenue at INR 19.6bn up 28% YoY e driven by upsurge in volume and demand in YoY. EBIT margin at 9.9% vs 8.7% YoY on the back of better contribution margin.

* FMEG revenue at INR 2.6bn up 13% YoY led by robust volume growth mainly in Fans, Appliances & Switches. FMEG segment loss has reduced with EBIT margins at -3.5% vs - 8.4% YoY due to savings in operational cost along with marginal increase in contribution on account of product mix and volume growth

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SEBI Registration Number is INM000010361