BlackBuck (BLACKBUCK) Q1 24/25 earnings summary

Executive summary

• Achieved a consolidated net profit of Rs. 286.7 million for Q1 FY25, reversing a net loss of Rs. 359.4 million in Q1 FY24, driven by improved operating performance and a one-time exceptional gain from settlement of embedded derivatives.

• Revenue from continuing operations grew to Rs. 921.7 million in Q1 FY25, up from Rs. 594.7 million in Q1 FY24, reflecting strong growth in truck operator services and the new lending business.

• Discontinued the corporate freight business, with assets and liabilities classified as held for sale and a business transfer agreement executed post quarter-end.

Financial highlights

• Q1 FY25 revenue from continuing operations: Rs. 921.7 million (Q1 FY24: Rs. 594.7 million).

• Net profit for Q1 FY25: Rs. 286.7 million (Q1 FY24: net loss of Rs. 359.4 million).

• Adjusted EBITDA for Q1 FY25: Rs. 182.6 million.

• Exceptional gain of Rs. 256.2 million from settlement of embedded derivatives in Q1 FY25.

• Discontinued operations posted a net loss of Rs. 37.1 million in Q1 FY25.

Outlook and guidance

• Management expects continued growth in truck operator services and lending business, with the lending segment contributing incremental revenue.

• Deferred revenue of Rs. 588.6 million as of June 30, 2024, expected to be recognized over the next 12-24 months.