Manorama Industries (541974) Q2 24/25 earnings summary

Executive summary

• Revenue grew 66.0% year-over-year to INR 1,954 million in Q2FY25, driven by new fractionation capacity commercialization and strong demand for specialty fats and butters.

• EBITDA surged 144.5% YoY to INR 452 million, with margin expansion to 23.1% due to economies of scale and operational efficiencies.

• PAT increased 210.3% YoY to INR 267 million, with PAT margin rising to 13.7% in Q2FY25.

• Six new subsidiaries were incorporated (five in Africa, one in UAE) to strengthen raw material sourcing and expand into new markets.

• Standalone and consolidated unaudited financial results for the quarter and half year ended 30 September 2024 were reviewed and approved by the Board on 23 October 2024.

Financial highlights

• Q2FY25 revenue: INR 1,954 million (66.0% YoY growth); H1FY25 revenue: INR 3,288 million (43.4% YoY growth).

• Q2FY25 EBITDA: INR 452 million (144.5% YoY growth); H1FY25 EBITDA: INR 720 million (93.8% YoY growth).

• Q2FY25 PAT: INR 267 million (210.3% YoY growth); H1FY25 PAT: INR 403 million (99.6% YoY growth).

• Diluted EPS for Q2FY25: INR 4.46 (209.7% YoY growth); H1FY25: INR 6.73 (99.1% YoY growth).

• Standalone revenue from operations for Q2 FY25 was ₹19,541.66 lacs, up from ₹11,772.98 lacs in Q2 FY24; H1 FY25 revenue was ₹32,883.14 lacs, up from ₹22,929.29 lacs year-over-year.

Outlook and guidance

• Targeting FY25 revenue above INR 7,500 million, leveraging expanded fractionation capacity and new market entries.

• Plans to enter the South American market and deepen presence in MENA and Africa.

• Focus on strengthening raw material sourcing, customer acquisition, and operational leverage for sustained profitability.

• The company continues to focus on manufacturing exotic seed-based fats and butters, including Cocoa Butter Equivalent (CBE), with operations primarily in India and exports.