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In-line performance

3QFY25 earnings snapshot

* Revenue grew 14.5% YoY to ~INR11.5b in 3QFY25 (in-line). The growth in revenue was driven by a surge in demand for warehousing and 3PL green multimodal solutions from sectors such as FMCG & retail, agriculture, automotive, engineering equipment, and EPR.

* EBITDA margin came in at 10.3% in 3QFY25 (+40bp YoY and -10bp QoQ) against our estimate of 10.8%.

* EBITDA grew 19% YoY at INR1.2b, while APAT grew 27% YoY to ~INR1b (inline).

* Supply chain revenues grew 14.8% YoY, while freight and seaways divisions reported ~19%/9% YoY growth, respectively.

* EBIT margin for the freight/supply chain/seaways divisions stood at 2.4%/6.1%/32.7%, respectively, in 3QFY25. EBIT margin for the freight and supply chain businesses contracted 70bp and 40bp, respectively, on a YoY basis, while EBIT margin for the seaways business expanded ~1,100bp on a YoY basis.

* The board of directors has declared a second interim dividend of INR4.5 per equity share for FY25.

* During 9MFY25, revenue was INR33.1b (+12.5% YoY), EBITDA was INR3.4b (+12.7% YoY), EBITDA margins stood at 10.2% (flat YoY), and APAT was ~INR3b (+20% YoY).

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