Jubilant Ingrevia (JUBLINGREA) Q3 24/25 earnings summary

Executive summary

• Achieved significant year-on-year growth in Q3 FY25, driven by specialty chemicals and nutrition segments, supported by cost-saving initiatives and new vitamin B3 facility commissioning.

• Board recommended and declared an interim dividend of 250% (INR 2.5/share), resulting in INR 39.8 crore cash outflow.

• Received the Global Lighthouse Network Award from the World Economic Forum for digital and operational excellence at the Bharuch facility.

• Financial results for Q3 FY25 were reviewed and approved by the Audit Committee and Board, and subjected to limited review by statutory auditors.

Financial highlights

• Q3 FY25 consolidated revenue was INR 1,057 crore, up from INR 966 crore in Q3 FY24, with EBITDA at INR 148 crore (up 42% YoY) and PAT at INR 69 crore (up 80% YoY).

• Net working capital to turnover reduced to 18.4% (from 22% YoY); working capital days down to 67 from 80.

• Net debt as of Dec 31, 2024, stood at INR 684 crore; net debt-to-EBITDA ratio at 1.36x (TTM basis).

• Standalone net profit margin improved to 7.89% for Q3 FY25 from 2.09% in Q3 FY24.

• Debt service coverage ratio (consolidated) at 5.00x for Q3 FY25; interest service coverage ratio at 11.92x.

Outlook and guidance

• Expect continued improvement in business performance, led by specialty chemicals and nutrition segments, with focus on leveraging new plants and operational efficiency.

• Specialty chemicals EBITDA margin expected to stabilize at 23%-24% for FY25, down from 26% in Q3.

• Chemical intermediates segment to remain under pressure for a couple more quarters; gradual recovery expected as paracetamol and European demand normalize.

• New vitamin B3 plant expected to reach full capacity in 12-18 months, with higher-margin, stable food and cosmetic-grade products.

• Continued investment in renewable energy through a captive arrangement to meet growing power needs and sustainability goals.