| Metric | Value (₹ Cr) |
|---|---|
| Revenue | 448.66 |
| Total Income | 452.77 |
| Expenditure | 433.08 |
| PBT | 19.69 |
| Net Profit | 14.67 |
| OPM | -0.26% |
| NPM | 3.24% |
| EPS | 2.58 |
Carraro India Ltd Reports Q3 & 9M FY25 Financial Results: 3% Drop in Total Income, 26% Growth in EBITDA, 45% Growth in PAT
07 Feb 2025 · 7 Feb 2025, 12:52 am
Summary
Carraro India Limited, a Tier-l solution provider for axles, transmission systems, gears and other related components, has reported its unaudited financial results for the quarter & nine months ended 31 December 2024. The company saw a marginal drop in total income, a significant growth in EBITDA and PAT, and strong domestic revenue growth. However, the export business continues to show weak demand, especially in the agriculture segment. The company has also started work with electric tractor OEMs for drivelines and launched an engineering services business.
Key Highlights
- 1
Total income stood at INR 13,755 Mn with a 3% drop on Y-o-Y basis
- 2
EBITDA (incl. other income) stood at INR 1,375 Mn with a growth of 26% Y-o-Y basis
- 3
PAT stood at INR 645 Mn with a growth of 45% Y-o-Y basis
- 4
Strong domestic revenue growth (excl. indirect exports)
- 5
Weak demand in export business, especially in the agriculture segment
- 6
Sales of AWD axles for tractors below 50 HP have nearly doubled in Q3 FY25 compared to the same period last year
- 7
Gears business has reported slightly declining sales compared to the same period last year
- 8
Two new customers added in soil compactor and backhoe loaders segments
- 9
Started work with 2 electric tractor OEMs for drivelines
- 10
Total capex for 9M FY25 stood at INR 419 million
- 11
Launched engineering services business in Q2 FY25 with first revenue contract - a feasibility study for an electric tractor transmission design
Management Comments
Mr. Balaji Gopalan
Managing Director, Carraro India Limited
In the first nine months of FY25, total income declined by ~3% year-over-year, mainly due to lower export offtake. While our domestic business remains strong, driven by robust demand for locally sold products, overall performance has been affected by weak exports (incl. indirect exports) through Indian OEMs. Domestic revenues (excl. indirect exports) grew strongly, while total domestic revenue saw a marginal increase of 1%. We anticipate sustained growth in the domestic market with an exception of the indirect exports business. The recovery in overall export business is expected to take a little longer. On the profitability front, EBITDA for 9M FY25 stood at Rs. 1,375 million, compared to Rs. 1,091 million, a growth of 26% y-o-y basis, with margins expanding by 227 bps to 10.0%. This improvement was driven by operational efficiencies, strong emphasis on technology-led products and significantly lower royalties paid to the parent company. PAT for the period stood at Rs. 645 million compared to Rs. 444 million, a growth of 45% y-o-y basis, with margins expanding by 155 bps to 4.7%. We remain committed to long-term profitability, supported by continued investments in innovation and technology.
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