The fiscal year 2024-25 has closed on a momentous note with consolidated revenues crossing the ₹10,000 cr. Mark.
Mumbai: Q4FY25 Results India Volume and Revenue Growth at 14 quarter high Consolidated Revenues crosses the ₹10,000 cr. milestone in FY25 Foods and Premium Personal Care touches ₹2000 cr. ARR International business sustains robust double-digit growth momentum FY25 Reported Net Profit up 10%
In Q4FY25, Revenue from Operations was at ₹2,730 crore, up 20% YoY, with underlying volume growth of 7% in the India business and constant currency growth of 16% in the international business.
In FY25, Revenue from Operations was at ₹10,831 crore, up 12% YoY, with underlying volume growth of 5% in the India business and constant currency growth of 14% in the international business.
The India business continued to deliver sequential improvement in volume growth in this quarter. Off takes remained strong, with ~95% of the business gaining or sustaining market share and ~80% of the business gaining or sustaining penetration, both on MAT basis. India revenues stood at ₹2,068 crore, up 23% YoY, aided by price hikes in core portfolios in response to elevated input costs.
The International business delivered another stellar quarter and closed ahead of internal targets. Bangladesh sustained its strong momentum, posting double-digit constant currency growth. MENA and South Africa continued their high-paced growth trajectory. Gross margin contracted by ~300 bps YoY, primarily impacted by the rise in copra and vegetable oil prices, which was partly offset by pricing interventions in key portfolios. A&P spends were up 35% YoY in Q4, in line with our strategic intent to continually strengthen our franchises and accelerate diversification. Consequently, EBITDA was up 4%, as EBITDA margin stood at 16.8%, down ~260 bps. PAT was up 8% YoY.
At its meeting held on May 02, 2025 , the Board of Directors recommended a final dividend of ₹7.00 per equity share of ₹1 each on its paid-up equity share capital of ~₹129.5 crores.
India Business
Parachute Rigids registered 1% volume decline, witnessing transient sluggishness due to consumption titration (typically during hyperinflationary cycles) amidst steep increase in consumer pricing and the impact of ml-age reduction in select packs. Adjusting for ml-age reduction, the brand registered low single digit volume growth. The brand gained ~70bps MS on a MAT basis. The brand logged 22% revenue growth in Q4, aided by pricing interventions taken during the year.
Value-Added Hair Oils grew by 1% in value terms, charting a gradual recovery on a sequential basis led by steady performance in the mid and premium segments of the portfolio. The portfolio logged ~120 bps gain in value MS on a MAT basis. We expect the improving growth trajectory to sustain through next year.
Saffola Edible Oils posted 26% growth in value terms. The brand recorded a low single-digit volume decline amidst elevated pricing in response to elevated vegetable price tables.
Foods recorded robust 44% value growth YoY and crossed ₹900 cr. in revenues in FY25. Saffola Oats grew in double digits in FY25 and gained market share on MAT basis. True Elements and the plant-based nutrition portfolio of Plix maintained their accelerated growth momentum.
Premium Personal Care sustained its strong momentum during the quarter, led by the Digital-first portfolio. The Digital-first portfolio exited FY25 at ~750 cr. ARR, scaling up well-ahead of aspirations.
The composite revenue share of Foods and Premium Personal Care in the India business stood at ~22% in FY25, exhibiting steady progress towards the portfolio diversification objective.
International Business
Bangladesh posted 11% CCG underscoring the resilience of the business model in a challenging macro environment. The fundamentals and medium-term growth construct of the business remain intact. Vietnam had a flattish quarter, but is expected to chart a gradual pickup in the coming quarters. MENA delivered robust 47% CCG with both the Gulf region and Egypt recording strong growth. South Africa registered 13% CCG mainly led by the Hair Care segment. NCD and Exports posted 16% growth.
Outlook
We expect gradually improving growth trends in the core categories of the India business on the back of moderating trends in retail and food inflation as well as promise of a healthy monsoon season. This will be further aided by our ongoing initiatives to support select General Trade (GT) channel partners and transformative expansion in our direct reach footprint under Project SETU. We also continue to draw confidence from healthy offtakes, penetration and market share gains in our key portfolios. We will continue our focus on driving differential growth in our urban-centric and premium portfolios through the organized retail and E-Commerce channels.
Foods and Premium Personal Care portfolios has witnessed rapid scale up accompanied by significant improvement in profitability, resulting in their share of India Net Contribution (NC) moving to double digits (~5x of FY22 levels). Foods stood at 5x of FY20 revenues in FY25, surpassing the ₹900 crore mark. We aim to grow Foods at 25%+ CAGR to ~8x of FY20 revenues (~2x of FY24 revenues) in FY27. The Digital-first portfolio clocked ARR of ₹750 crore on exit basis in FY25, surpassing aspirations for the year. We expected to scale this to ~2.5x of FY24 ARR (earlier ~2x of FY24 ARR) in FY27. Consequently, we expect the India revenue share of the Foods and Premium Personal Care portfolios to expand to ~25% by FY27.
We have effected structural GM expansion of ~1000 bps in Foods over FY24 and FY25. We expect gradual improvement in gross and operating margins of the Foods portfolio as we scale up over the medium term. Among Digital-first brands, Beardo closed in on double-digit EBITDA margin this year. Plix delivered low single digit EBITDA margin. We aim to achieve double-digit EBITDA margin in the portfolio in FY27.
The International business has navigated headwinds, including macroeconomic volatility and currency devaluation in select markets. We aim to maintain the double-digit constant currency growth momentum in the International business over the medium term. We have also made visible strides towards premiumisation of our portfolios across markets through innovation and expansion into premium personal care categories such shampoos, skin care, hair styling/ care (ex-hair oils) and baby care. These portfolios have scaled at 24% CAGR over FY21-25 period and we aim to deliver 25%+ growth in the medium term. As a result, their revenue share in the International business rose from ~20% in FY21 to ~29% in FY25.
In FY26, we expect to sustain the double-digit revenue growth momentum and will strive to deliver double digit operating profit growth.
Saugata Gupta, MD & CEO commented, “The fiscal year 2024-25 has closed on a momentous note with consolidated revenues crossing the ₹10,000 cr. mark. As set out at the start of the year, we have met our double-digit revenue growth aspiration, backed by top quartile volume growth in the India business and robust growth in the International business. While the core portfolio continued to garner market share and penetration gains, the scale-up momentum in Foods and Digital-first brands continued to have a markedly positive impact on top line and bottom line growth. In the International business, we have made visible strides towards building presence in premium personal care categories across markets, which is leading to broad basing of the business. While we expect elevated input costs to be transient headwinds in the near term, we remain focused on leveraging the building blocks in to deliver industry leading growth in FY26.”
