Sarda Energy & Minerals (504614) Q2 24/25 earnings summary

Executive summary

• Completed acquisition and integration of SKS Power Generation (600 MW) in August 2024, with results consolidated from late Q2; full impact expected from Q3.

• Achieved record production in coal, pellets, and captive power generation in H1 FY25; hydropower output grew 8% year-over-year due to better monsoon.

• Diversified business model spans minerals, energy (thermal, hydro, solar), and metals, with strong ESG focus and ongoing expansion projects.

Financial highlights

• Q2 FY25 consolidated revenue: INR 1,159 crores (up from INR 926 crores last quarter and INR 1,001 crores YoY); H1 FY25 revenue: INR 2,085 crores.

• Q2 FY25 PAT: INR 203.98 crores (up 36% YoY, 3% QoQ); H1 FY25 PAT: INR 402 crores.

• Q2 FY25 EBITDA: INR 393 crores (32% margin, up 48% YoY); H1 FY25 EBITDA: INR 728 crores (33% margin).

• Acquisition-related costs expensed as per Ind AS; SKS acquisition cost INR 1,950 crores.

Outlook and guidance

• Full financial impact of SKS Power expected from Q3 FY25; one unit resumed in October.

• Energy division, especially post-SKS Power acquisition, expected to be a major EBITDA contributor.

• Ongoing projects (hydro, solar, waste utilization) scheduled for commissioning by end of FY25.