TIINDIA Q2 FY25 earnings call.
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Revenue
₹4,925 Cr
verified against source
Revenue YoY
14.4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tube Investments reported consolidated revenue of INR 4,925 crores in Q2 FY25, up 14.4% YoY, driven by strong CG Power performance (Revenue INR 2,413 crores, +20.5% YoY) and export momentum (20% of engineering revenues). However, profit declined to INR 426 crores vs INR 499 crores due to one-time operational expenses impacting standalone margins and weakness in metal formed products (railway division). Standalone revenue grew modestly at INR 2,065 crores (+4.8% YoY) with PBT at INR 225 crores vs INR 245 crores. Electric mobility business scaled well—three-wheeler volumes doubled sequentially to 2,033 units (revenue INR 79 crores vs INR 68 crores in Q1). Management guides for H2 margin improvement, expects to hit 150 dealer target by March and launch cargo three-wheeler and SCV/tractor in next 2-3 months. Key risks include intensified three-wheeler competition from Bajaj/Mahindra, railway margin pressure (15% of MFD revenues), and PV/CV sector softness impacting engineering growth. Clean mobility losses expected to continue near-term.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects standalone margins to improve in H2 FY25 as one-time operational expenses recognized in Q2 will not recur. Engineering margins would have been flat excluding these expenses.
- Dealer network expansion for electric three-wheelers is on track; invoices issued for North, East, and West regions. Currently at 83 operational dealers across 60-65 cities.
- Cargo version of electric three-wheeler will launch in next couple of months. Prototypes undergoing validation and customer trials with good feedback on economics.
- Small commercial vehicle (SCV) and farm tractor launches targeted for this quarter or next. Products currently in testing, field validation, and beta testing phases.
Risks flagged
- Railway business (15% of MFD revenues) facing pricing issues with margin under pressure. Management has stopped quoting for tenders impacting margins and is controlling the business until corrective actions take effect.
- Bajaj and Mahindra have emerged strongly in the e-3W segment. While TI maintains ~24-25% market share in South, intensifying competition could pressure pricing and market share gains in new geographies.
- Passenger vehicle (PV) and heavy commercial vehicle (HCV) industries underperformed, impacting engineering and metal formed product revenues. These segments were beyond management's control despite gaining share in two-wheelers.
- CE registration and regulatory processes for medical device exports causing slower growth (only 4% YoY). Management expects 1-2 more quarters before certifications complete and export momentum builds.
Key quotes
- In terms of specific terms of margins, Q2 we expected to be much better. Like in the bicycle business, you see the losses are under control, and we are operating at a break-even.
- What's happening is we are scaling up as we are going across the geographies. The product acceptance has been quite good in the market. The feedback from the customers is exceptionally well.
- We do understand that it has been kind of, we've not had basically profit improvement this quarter. Our current outlook is that there can have to be better, and we continue to basically stay bullish about our other businesses as well.
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