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In-line sales and GM; strong cost control leads to margin beat

Standalone performance

* Standalone net sales grew 11% YoY to INR29.5b (est. INR29.9b) in 4QFY25.

* Sales growth was supported by a favorable base effect, driven by the commencement of operations in Andhra Pradesh from Sep’24.

* Total volume rose 7%, with P&A volume up 9% YoY (11% in 3Q) at 13.6m cases (est. 13.5m cases) and Popular volume down 2% YoY at 3.1m cases (est. 3.2m cases).

* P&A revenue (90% of revenue mix) was up 13% YoY and popular revenue inched up 1% YoY.

* Gross margin expanded 110bp YoY to 44.5% (est. 44.4%) on the back of stable revenue growth management and productivity.

* A&P spends declined 3% YoY, employee costs rose 2% YoY and other expenses increased 5% YoY.

* EBITDA margin expanded by 360bp YoY to 17.1% (est. 15.1%), led by gross profit growth and cost control.

* EBITDA grew 40% YoY to INR5.1b (est. INR4.5b).

* PBT rose 88% YoY to INR5.9b (est. INR4.4b), mainly aided by higher other income (up 240% YoY) and lower interest and depreciation.

* APAT grew 93% YoY to INR4.5b (est. INR3.3b).

* In FY25, total volume was up 4% YoY, with P&A volume up 5% YoY at 52.9m cases and popular volume down 2% YoY at 11m cases.

* In FY25, net sales, EBITDA and APAT increased by 8%, 21% and 32%, respectively.

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