APAR Industries (APARINDS) Q2 24/25 earnings summary

Executive summary

• Consolidated Q2 FY25 revenue rose 18.4% year-on-year to INR 4,645 crore, driven by 61.1% domestic growth, while export share declined to 29.8% from 48.4% due to lower U.S. sales and global logistics disruptions.

• H1 FY25 consolidated revenue reached INR 8,655 crore, up 12.6% year-on-year, with domestic revenue up 53.4%.

• Q2 FY25 PAT increased 11.5% year-on-year to INR 194 crore; H1 FY25 PAT up 6.8% to INR 396 crore.

• The company is well-diversified across conductors, specialty oils, cables, lubricants, and telecom solutions, serving renewables, railways, defence, and automotive sectors.

• APAR is focused on innovation, sustainability, and supporting the global energy transition.

Financial highlights

• Q2 FY25 EBITDA post forex at INR 402 crore, up 7.8% year-on-year; H1 EBITDA at INR 796 crore, up 7.2% year-on-year.

• Q2 FY25 EBITDA margin at 8.7%; PAT margin at 4.2%.

• Export mix in H1 FY25 was 33.2%, down from 50.9% in H1 FY24 due to a high US sales base last year.

• US revenue in H1 FY25 declined 41.6% year-on-year but grew 17.5% sequentially in Q2.

• Q2 EPS at INR 48.27; H1 EPS at INR 98.69.

Segment performance

• Conductor business Q2 revenue up 18.3% year-on-year; order book at INR 6,615 crore; premium product mix at 42.2%.

• Oil business Q2 revenue up 12.1% with 11% volume growth; transformer oil volumes up 25% year-on-year; EBITDA per KL up 20.8% year-on-year.

• Cable business Q2 revenue up 39% to INR 1,227 crore; domestic cable revenue up 77.8% year-on-year; EBITDA margin declined 140 bps year-on-year.

• B2C cable business H1 revenue grew 35-40% year-on-year, with strong momentum expected to continue.