Styrenix Performance Materials (506222) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 sales volume rose 34.4% year-over-year to 47,515 MT, with revenue up 42.5% to INR 691 crore.

• Profit for Q3 FY25 was INR 47.7 crore, up 36.5% year-over-year but down sequentially.

• EPS for Q3 FY25 was Rs. 27.1, up from Rs. 19.87 year-over-year.

• Acquisition of Ineos Styrolution (Thailand) Co. Ltd. completed in January 2025, expanding APAC presence and adding ABS, SAN, and rubber capacity.

• Debottlenecking at Nandesari plant increased rubber capacity from 23KT to 27KT in December 2024.

Financial highlights

• Q3 FY25 standalone revenue was INR 690.8 crore, up 42.5% year-over-year and 5.8% sequentially.

• Q3 FY25 profit after tax was INR 47.7 crore, up 36.5% year-over-year but down 31.9% sequentially.

• YTD Dec 2024 revenue reached INR 2,043 crore, a 25.8% increase year-over-year.

• YTD Dec 2024 profit after tax was INR 179 crore, up 44.6% year-over-year.

• Q3 FY25 PBDIT was INR 75.4 crore (10.9% margin), up from INR 60 crore (12.3%) in Q3 FY24.

Outlook and guidance

• Q4 FY25 expected to see average or normal growth, with polymer demand likely to grow over 7% YoY.

• Volume growth guidance for India maintained at 15%-20%, with further growth as new capacities come online.

• Thailand business expected to ramp up utilization and profitability over the next 12 months.

• Management focused on margin maximization, specialty products, and global expansion.

• Miscellaneous items growth expected to be 10–12% lower due to raw material costs and shipping delays.