Any current/future new fundraising through debt or equity?

No immediate plans for equity fundraising; FrogData divestment postponed to achieve better valuation. Current internal liquidity sufficient to fund growth and investments. Capex for semiconductor business planned around INR 5 crores this year and next, funded from internal reserves. No borrowing or debt planned for upcoming investments. Company prefers to invest capital in growth areas like semiconductors rather than shareholder buybacks. Promoters have increased holding through warrant conversion but no mention of new external equity raising. Overall, growth is targeted through organic means

Any current/future capex/capital investment/strategic investment?

Planned capex for FY25: Around INR 5 crores this year and a similar amount next year for the semiconductor business, focusing on specialized System-in-Package (SiP) technology, which is IP and technology-driven rather than capital intensive. Total capex on IZMOMicro expected to be INR 15 crores over two years (INR 10 crores in FY25 and INR 5 crores in FY26). No immediate plans for asset divestment; last divestment was in previous quarters. No buyback planned as management prefers to deploy funds into growth opportunities like semiconductor business and acquisitions. Continuous investment in R&

Future growth expectations in sales/revenue/volumes?

IZMO targets 25%-30% year-on-year average growth over the next 2-3 years. FrogData is projected to grow organically by 50%-75% year-on-year for the next two years. IZMO Micro expects revenues of INR5-10 crores this year and INR30-50 crores next year, with long-term capability up to INR200 crores. Geronimo acquisition revenue expected to increase to approximately INR25-30 crores over three quarters next year. Focus remains on expanding in automotive sector with new products like System-in-Package (SiP) sensors and EV- and regular automotive-related innovations. Gaming vertical with Sony engagem

Future growth expectations in earnings/operating earnings/profits/EPS?

FrogData is targeted to grow 50%-75% year-on-year for the next two years with strong client traction and customer additions. Pricing increments of 20%-25% are expected across divisions, likely improving EBITDA margins. Overall company growth guidance is around 25%-30% year-on-year average for the next 2-3 years. EBITDA margins took a hit due to Geronimo acquisition costs but are expected to improve by next financial year as costs are rationalized and revenues from acquired businesses kick in. IZMO Micro is expected to generate INR30-50 crores revenue next year with gross margins of 30%

IZMO LtdQ2 FY25IT - Services

IZMO Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹711.8P/E: 19.8Market Cap: ₹1.1K CrSector: IT - Services

Management growth scorecard

Revenue

Category 2

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 2

IZMO targets 25%-30% year-on-year average growth over the next 2-3 years.
FrogData is projected to grow organically by 50%-75% year-on-year for the next two years.
IZMO Micro expects revenues of INR5-10 crores this year and INR30-50 crores next year, with long-term capability up to INR200 crores.
Geronimo acquisition revenue expected to increase to approximately INR25-30 crores over three quarters next year.
Focus remains on expanding in automotive sector with new products like System-in-Package (SiP) sensors and EV- and regular automotive-related innovations.
Gaming vertical with Sony engagement may see customer additions in the next financial year.
Greater SaaS model adoption and price increments (20%-25%) expected to improve revenue and margins organically.

Margin guidance

Category 1

FrogData is targeted to grow 50%-75% year-on-year for the next two years with strong client traction and customer additions.
Pricing increments of 20%-25% are expected across divisions, likely improving EBITDA margins.
Overall company growth guidance is around 25%-30% year-on-year average for the next 2-3 years.
EBITDA margins took a hit due to Geronimo acquisition costs but are expected to improve by next financial year as costs are rationalized and revenues from acquired businesses kick in.
IZMO Micro is expected to generate INR30-50 crores revenue next year with gross margins of 30%-40%, and potential for up to INR200 crores top line post-capex.
PAT growth reflects exceptional items like property sales; core PAT margins and EPS should improve with operational scaling and cost management.
Growth assumptions are organic and do not rely on fundraise; company has sufficient liquidity for growth.

See what IZMO Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

No immediate plans for equity fundraising; FrogData divestment postponed to achieve better valuation.
Current internal liquidity sufficient to fund growth and investments.
Capex for semiconductor business planned around INR 5 crores this year and next, funded from internal reserves.
No borrowing or debt planned for upcoming investments.
Company prefers to invest capital in growth areas like semiconductors rather than shareholder buybacks.
Promoters have increased holding through warrant conversion but no mention of new external equity raising.
Overall, growth is targeted through organic means without reliance on new equity or debt fundraising in the near term.

Order book

- The order book details or pending orders are not explicitly quantified in the transcript. - However, Sanjay Soni mentions a "very strong pipeline" and "very good traction with clients" for FrogData, suggesting a healthy inflow of orders. - The company has added about 100 new customers in the US and 40 in Europe in Q2 FY25, indicating strong demand. - IZMO Micro has already signed two large automotive customers and is in talks with several more, including their biggest customer in France. - Geronimo revenue is expected to grow significantly, with an estimated INR 25-30 crores over three quarters, implying a growing order backlog. - Overall, the company expects strong organic growth across divisions, backed by ongoing contract wins and product adoption. No direct numeric order book values were provided in the call.

See what IZMO Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned capex for FY25: Around INR 5 crores this year and a similar amount next year for the semiconductor business, focusing on specialized System-in-Package (SiP) technology, which is IP and technology-driven rather than capital intensive.
Total capex on IZMOMicro expected to be INR 15 crores over two years (INR 10 crores in FY25 and INR 5 crores in FY26).
No immediate plans for asset divestment; last divestment was in previous quarters.
No buyback planned as management prefers to deploy funds into growth opportunities like semiconductor business and acquisitions.
Continuous investment in R&D at around INR 20-25 crores annually to drive new products and technologies.
Acquisition of Geronimo completed in June to expand geographic reach and client base.
Organic growth in FrogData without requiring capital raise currently.

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