💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 66.73% YoY to ₹ 11,575.39 Lakhs from ₹ 6,942.74 Lakhs. Standalone revenue (India) grew 76.45% to ₹ 10,135.55 Lakhs. Segments include Software Service and Freight Forwarding.

Geographic Revenue Split

India operations (Standalone) contributed ₹ 10,135.55 Lakhs (~87% of consolidated). Singapore subsidiary (Trejhara Pte Ltd) reported turnover of ₹ 2,373.31 Lakhs (~20% of consolidated before eliminations).

Profitability Margins

Operating profit margin fell from 18.8% to 11.9% (a 36.68% decrease) due to operating costs growing faster than revenue. Net Profit Margin dropped from 22.3% to 3.7% (an 83.60% decrease) primarily due to a high base effect from an exceptional gain of ₹ 1,233.38 Lakhs in the previous year.

EBITDA Margin

Operating profit margin is 11.9% for FY25, down from 18.8% YoY. Core profitability was impacted by a 98.4% increase in operating expenses (₹ 8,452.32 Lakhs vs ₹ 4,260.40 Lakhs).

Capital Expenditure

Not explicitly disclosed in absolute INR Cr, but the company stated it will continue to invest in future expansion initiatives and innovation to support its next phase of growth.

Credit Rating & Borrowing

Standalone borrowings stood at ₹ 1,280.06 Lakhs. Interest coverage ratio improved 153.82% to 19.96, indicating high profit availability to cover interest costs despite increased debt.

⚙️ Operational Drivers

Raw Materials

Software Service Charges and Freight Handling represent the primary operational costs, with total operating expenses accounting for 73% of revenue (₹ 8,452.32 Lakhs).

Capacity Expansion

Following the amalgamation of LP Logistics, the company is focused on consolidating its market position and pursuing sustainable growth through technological capabilities and a strengthened financial profile.

Raw Material Costs

Operating expenses grew 98.4% YoY to ₹ 8,452.32 Lakhs. Procurement strategies focus on managing freight handling and software service charges to capitalize on the logistics sector.

Logistics & Distribution

Freight Forwarding and Software Services for logistics are core revenue drivers, with consolidated revenue from these operations reaching ₹ 11,575.39 Lakhs.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Growth will be achieved through the strategic transformation following the LP Logistics merger, selective acquisitions via a dedicated joint venture, and proposed fund-raising plans to support expansion in the logistics sector.

Products & Services

Software solutions for logistics management, Freight Forwarding services, and other logistics-related software services.

Brand Portfolio

Trejhara, LP Logistics (amalgamated).

Market Expansion

Expansion into Saudi Arabia via the newly formed step-down subsidiary, Trejhara Logistics Services LLC (w.e.f. November 12, 2024).

Strategic Alliances

Strategic transformation involves pursuing selective acquisitions through a dedicated joint venture to unlock operational and commercial synergies.

🌍 External Factors

Industry Trends

The logistics industry remains strong despite transient disruptions. Trejhara is positioning itself as an integrated tech-logistics provider to capitalize on digital transformation in the sector.

Competitive Moat

Moat is built on the integration of proprietary software with physical logistics services, creating high switching costs for clients who rely on their end-to-end freight management technology.

Macro Economic Sensitivity

Highly sensitive to global trade flows and the external economic environment, which directly impacts the demand for freight forwarding and logistics software.

Consumer Behavior

Shift toward digital-first logistics and integrated supply chain solutions is driving demand for Trejhara's software-enabled services.

Geopolitical Risks

Geopolitical developments and trade barriers could disrupt operational continuity and trade flows in key international markets.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to customs compliance, licensing requirements, and international trade regulatory regimes in India, Singapore, and Saudi Arabia.

Environmental Compliance

CSR expenditure was ₹ 20.00 Lakhs, exceeding the statutory requirement of ₹ 19.75 Lakhs.

Taxation Policy Impact

Effective tax rate was approximately 36% for FY25, with a total tax expense of ₹ 238.78 Lakhs on a Profit Before Tax of ₹ 662.87 Lakhs.

⚠️ Risk Analysis

Key Uncertainties

Integration risks from acquisitions (cultural alignment, technology integration) and potential adverse regulatory changes in international markets represent key business uncertainties.

Geographic Concentration Risk

Revenue is concentrated in India (~87%) and Singapore (~20% turnover contribution), with new exposure in Saudi Arabia.

Technology Obsolescence Risk

Mitigated by a focus on innovation and technological capabilities to maintain a competitive edge in the logistics software market.

Credit & Counterparty Risk

Receivables quality is managed through a focus on debtors turnover, which improved to 4.01 times in FY25.