EPL (500135) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 saw revenue up 8.4% year-over-year, with Europe leading at 21% growth and strong contributions from Americas and EAP.

• EBITDA margin improved to 20%, up 188 bps, and PAT rose over 72% year-over-year.

• ROCE expanded by 260 bps to 16.5%, and Net Debt/EBITDA improved to 0.76x.

• Personal Care & Beyond category grew over 10% and now represents 48% of tube revenue.

• Interim dividend of INR 2.50 per share declared for FY25.

Financial highlights

• Consolidated revenue for Q2 FY25 was INR 10,862 million, up from INR 10,016 million in Q2 FY24.

• EBITDA reached INR 2,167 million (margin 20%), and PAT was INR 870–883 million, with EPS at 2.73.

• Standalone revenue and PAT also grew year-over-year.

• Net debt reduced to INR 5,949 million; capex for YTDFY25 was INR 1,734 million.

• Dividend of INR 2.50 per share declared.

Outlook and guidance

• Targeting sustainable double-digit revenue growth and EBITDA margins above 20%.

• Focus on Personal Care & Beyond and scaling up Brazil operations.

• Sustainability mix expected to exceed 60% in 2-3 years; aiming for EcoVadis Platinum.

• No change to FY27 aspirational targets; current guidance reaffirmed.

• No material uncertainties or misstatements in the outlook.