BlackBuck (BLACKBUCK) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue reached INR 123 crores (₹1,139.80 million), up 45% year-over-year, with contribution profit at INR 115 crores, up 48% year-over-year.

• Adjusted EBITDA for the quarter was INR 42 crores (₹410.58 million), nearly five times higher than last year, reflecting strong operating leverage and recurring revenues.

• PAT excluding exceptional items was INR 30 crores, a turnaround from a loss of INR 6.5 crores last year, while reported net loss widened due to significant one-time share-based payment and IPO expenses.

• Core businesses (tolling and GPS/vehicle tracking) remain market leaders, with new verticals like fuel sensors and marketplace showing strong growth potential.

• Transacting customers increased 20%-21% year-over-year to over 735,000, with platform engagement and multi-service usage rising.

Financial highlights

• Revenue from operations grew 41%-45% year-over-year; total income at INR 123 crores (₹1,231.76 million).

• Contribution margin remained high at 91%-93%, with contribution profit rising to INR 115 crores (₹114.69 Cr).

• Adjusted EBITDA (excluding other income) grew from INR 3.4 crores to INR 33 crores (₹33.07 Cr) year-over-year.

• PAT (excluding exceptional items) reached INR 30 crores (₹29.86 Cr), while reported net loss was ₹480.32 million due to exceptional items.

• Gross transaction value of payments increased 34.71% year-over-year to INR 6,100 crores (₹6,083 Cr).

Outlook and guidance

• Management expects continued strong execution and growth, with no major exceptional items anticipated in coming quarters.

• Regulatory update on FASTag program management fee reinforces revenue certainty in payments.

• New business verticals like fuel sensors, telematics, and vehicle finance are expected to contribute materially in the next 6-9 months.

• IPO proceeds are being utilized as per objectives, with significant funds temporarily invested in fixed deposits.