eMudhra (EMUDHRA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 total income reached INR 1,409 million, up 41.6% year-over-year, driven by strong overseas performance and significant deal closures in the Americas, Middle East, Africa, and Asia-Pacific.

• Enterprise solutions and services outpaced trust services, with robust overseas deal wins and increased demand for digital signatures and PKI automation.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, in compliance with Ind AS.

• Recognition as 2024 Competitive Strategy Leader in Global PKI as a Service by Frost & Sullivan, with multiple industry accolades.

• Independent auditors issued unmodified review reports for both consolidated and standalone results, confirming no material misstatements.

Financial highlights

• Q3 FY25 revenue from operations: INR 1,389 million, up 42.6% year-over-year; nine-month FY25 revenue: INR 3,725 million, up 36.2%.

• Q3 FY25 EBITDA: INR 319 million (22.7% margin), up 19.4% year-over-year; adjusted EBITDA: INR 342 million.

• Q3 FY25 PAT: INR 224 million (15.9% margin), up 11.9% year-over-year; adjusted PAT: INR 243 million (17.2% margin).

• Nine-month FY25 EBITDA: INR 952 million (25.2% margin), up 18.8%; PAT: INR 629 million (16.6% margin), up 14%.

• Basic EPS (consolidated) for the quarter: INR 2.58; nine months: INR 7.49.

Outlook and guidance

• FY25 revenue expected to exceed INR 500 crore, potentially reaching INR 510-520 crore.

• PAT for FY25 projected at INR 87-90 crore after one-off items.

• FY26 revenue growth guidance of 25%-30%, with 15%-20% organic and 10% acquisitive growth.

• Expected EBITDA margin for FY26: 24%-25% (adjusted), 23% (reported); PAT margin: 15.5%-18%.

• QIP proceeds of INR 2,000 million raised for product development, working capital, inorganic growth, and general corporate purposes; INR 1,746.01 million utilized as of December 31, 2024.