eMudhra (EMUDHRA) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue grew 47.5% year-over-year to INR 1,426.7 million, driven by enterprise solutions, services, and a new trust services business model.

• EBITDA and net profit for Q2 FY25 rose 18% and 18.9% year-over-year, with margins slightly reduced due to regulatory changes in trust services.

• Growth was supported by key wins in BFSI, e-Government, and international markets, with expansion in Middle East, Africa, Latin America, and Asia Pacific.

• Two acquisitions—Two95 International Inc. and Sendrcrypt Technologies Inc.—expanded cybersecurity and digital transformation capabilities.

• Recognized with multiple industry awards and certifications, including Gartner mentions and regional accolades.

Financial highlights

• Q2 FY25 total income: INR 1,426.7 million, up 47.5% year-over-year; H1 FY25 total income: INR 2,376.9 million, up 34% year-over-year.

• EBITDA for Q2: INR 338.3 million (23.7% margin), adjusted EBITDA: INR 364 million (25.5% margin); PAT for Q2: INR 223 million (15.6% margin), adjusted PAT: INR 245 million (17.1% margin).

• H1 FY25 EBITDA: INR 632.8 million (26.6% margin); H1 FY25 PAT: INR 404.9 million (17% margin).

• Cash and cash equivalents at period end were INR 1,075.57 million, down from INR 2,252.65 million at FY2024 end.

• Net cash from operating activities for H1 FY25 was INR 514.19 million.

Outlook and guidance

• Confident in achieving FY25 revenue guidance of around INR 500 crore with 18% PAT margin.

• Focus on expanding managed services, cloud, and GenAI-enabled security offerings, leveraging AWS partnerships.

• The Group continues to focus on product development, international expansion, and inorganic growth, supported by recent QIP proceeds.

• Order book continues to expand, supporting growth outlook for the next 12-18 months.