Syrma SGS Technology (SYRMA) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue was INR 834 crore (₹8,428 million), up 17% year-on-year, with H1 revenue at INR 2,003 crore (₹20,180 million), up 50% year-on-year; exports contributed 23% of Q2 revenue.

• Q2 PAT was INR 38 crore (₹396 million), up 30% year-on-year; H1 PAT was INR 60 crore (₹600 million), with a PAT margin of 8%.

• Order book stands at INR 4,800 crore, with a diversified sectoral mix.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY25 were approved with no material misstatements.

Financial highlights

• Q2 operating EBITDA was INR 73.8 crore (₹738 million), up 46-47% year-on-year, with a margin of 8.8%.

• H1 operating EBITDA was INR 127 crore (₹1,284 million), margin at 6.4%, up 37% year-on-year.

• Gross margin for Q2 at 25%, up 180 bps year-on-year; H1 gross margin at 20%.

• Net working capital reduced to 56 days from 70 days at the start of the year.

• Operating cash flow for H1 at INR 211 crore (₹2,095.14 million).

Outlook and guidance

• Full-year revenue guidance maintained at INR 4,500 crore, with 40-45% growth and 7% EBITDA margin.

• Exports expected to reach INR 1,000 crore, targeting 20-25% growth in coming years.

• Consumer business expected to be around 40% of FY25 revenue, with a goal to reduce below 35% in future.

• Management notes forward-looking statements are subject to regulatory, competitive, and industry-specific risks.