Nava (513023) Q3 24/25 earnings summary

Executive summary

• Consolidated profits and margins grew sequentially, with 9M FY25 PAT at INR 11,312 Mn, up 13% YoY, and strong performance across business divisions despite market challenges.

• MEL Zambia's power plant maintained high availability (95.1%), with commercial agriculture and solar projects progressing.

• Board approved unaudited results for Q3 and 9M FY25, and a stock split effective January 20, 2025.

• Acquisition of 0.31% residual equity in Maamba Energy Limited for $2.25 million, increasing stake to 65%.

• Commercial agriculture initiatives, including avocado and sugar projects, are advancing in Zambia.

Financial highlights

• 9M FY25 consolidated revenue was INR 30,794 Mn, up 3% YoY; Q3 FY25 revenue was ₹84,249.38 lakhs, with net profit at ₹35,326.17 lakhs.

• PAT for 9M FY25 was INR 11,312 Mn, up 13% YoY; Q3 FY25 PAT was INR 3,533 Mn.

• EBITDA margin improved to 55.3% in Q3 FY25 from 47.8% YoY.

• Standalone revenue for Q3 FY25 was ₹27,996.36 lakhs, with net profit at ₹4,737.72 lakhs.

• Basic EPS for Q3 FY25 (consolidated) was ₹8.62, adjusted for the stock split.

Outlook and guidance

• Maamba phase two (300 MW) expected commissioning by August 2026, with a PPA signed at $0.095 per unit.

• 100 MW solar project in Zambia is under development, with project details and agreements in progress.

• Avocado project to reach first commercial fruit by end of the year, with full maturity in 3-4 years.

• Ferroalloys business expects improved profitability in Q4 due to better export prices and cost coverage.