BlackBuck (BLACKBUCK) Q2 24/25 earnings summary

Executive summary

• Achieved 54% year-over-year revenue growth in Q2 FY25, reaching INR 104.27 crores, with strong profitability improvements and expanding business verticals.

• Adjusted EBITDA turned positive to INR 25 crores from negative INR 5 crores last year, reflecting significant operating leverage and platform scalability.

• Monthly transacting customers reached 700,000, representing 20% of India's truck operators and 22% year-over-year growth.

• New business verticals, including loads marketplace and vehicle finance, are scaling rapidly, contributing up to 14% of revenue this quarter with 144% year-over-year growth.

• Approved unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2024, with limited review by statutory auditors.

Financial highlights

• Q2 FY25 revenues were INR 104.27 crores, up 54% year-over-year; H1 FY25 revenues reached INR 202.59 crores, up 53% year-over-year.

• Contribution margin reached INR 95.36 crores in Q2 FY25, up 56% year-over-year, with margin percentage at 91-92%.

• Adjusted EBITDA for Q2 FY25 was INR 25 crores, a turnaround from negative INR 5 crores in Q2 FY24.

• PAT (excluding exceptional items and discontinued operations) reached INR 12.36 crores, a turnaround of INR 52 crores year-over-year.

• Exceptional share-based payment expense of INR 321 crores recognized in Q2 FY25, resulting in a reported net loss of INR 269.46 crores including exceptional items.

Outlook and guidance

• Management expects continued compounding growth, driven by digital adoption, market share gains, and value-added services.

• No significant base effect expected in H2; growth is expected to remain robust.

• GNSS-based tolling transition seen as a major opportunity, potentially unlocking a billion-dollar telematics market in India.

• Strong user retention and asset-light model expected to drive further operating leverage.

• IPO completed in November 2024, with significant capital raised to support future growth.