Surya Roshni (SURYAROSNI) Q1 24/25 earnings summary

Executive summary

• Q1 FY 2025 saw healthy operating performance despite an 8%-9% price erosion in steel pipes and a general election slowdown.

• Focus on value-added steel products and innovative lighting/consumer durables drove EBITDA margin improvement.

• Zero debt status achieved with a cash surplus of INR 160 crore at quarter-end.

Financial highlights

• Q1 FY 2025 revenue was INR 1,893 crore, up from INR 1,875 crore year-over-year.

• EBITDA rose 36% year-over-year to INR 159 crore; EBITDA margin improved by 217 bps to 8.37%.

• Net working capital days at 67; cash surplus of INR 156 crore.

Outlook and guidance

• Anticipates 12%-15% revenue growth for FY 2025, driven by consumer demand and infrastructure focus.

• Expects 12%-15% volume growth in steel pipes for FY 2025.

• Targeting INR 180 crore EBITDA for lighting business in FY 2025.