Whalesbook
📉 The Financial Deep Dive
Magellanic Cloud Limited, formerly South India Projects Limited, has unveiled its un-audited financial results for the third quarter and nine months ended December 31, 2025, showcasing a divergent performance across its standalone and consolidated operations.
The Numbers:
Standalone Performance: The company posted strong year-on-year (YoY) growth on a standalone basis. Q3 FY25 revenue from operations escalated by 29.2% to ₹2,459.09 Lakhs compared to ₹1,903.21 Lakhs in Q3 FY24. Profit After Tax (PAT) followed suit, surging by 37.3% YoY to ₹479.90 Lakhs from ₹349.59 Lakhs in the prior year quarter. Basic and Diluted EPS stood at ₹0.08. For the nine-month period, standalone revenue climbed 25.9% to ₹7,833.37 Lakhs, with PAT growing a substantial 38.2% to ₹1,468.82 Lakhs, yielding an EPS of ₹0.25.
Consolidated Performance: On a consolidated front, the growth trajectory moderated. Q3 FY25 revenue from operations saw an 8.3% YoY increase, reaching ₹16,393.17 Lakhs from ₹15,141.54 Lakhs in Q3 FY24. However, consolidated Profit After Tax attributable to owners experienced a marginal decline of 0.56%, settling at ₹2,916.34 Lakhs against ₹2,933.02 Lakhs in the corresponding quarter of the previous year. Basic and Diluted EPS were reported at ₹0.50. The nine-month consolidated revenue grew by 11.7% to ₹49,233.03 Lakhs, while PAT attributable to owners rose by 5.5% to ₹8,474.20 Lakhs, with an EPS of ₹1.44.
Exceptional Items & One-Offs:
The company recognized an exceptional item impacting its financials due to the implementation of new Labour Codes. This amounted to ₹32.02 Lakhs on a standalone basis and ₹164.19 Lakhs on a consolidated basis for the nine-month period, accounted for as a one-time expense.
Acquisition Update:
An update was provided on the acquisition of Finoux Solutions Private Limited. Equity shares for this acquisition were allotted on November 11, 2025, and trading approval was subsequently received on January 27, 2026. The final filing with the Ministry of Corporate Affairs (MCA) is currently pending due to administrative reasons pertaining to the share face value.
Segmental Performance:
The IT/ITES Services segment continues to be the primary revenue driver. Notably, segment assets for IT/ITES Services demonstrated significant growth, increasing by 34.5% during the reporting period.
Auditor's Report:
The financial results underwent a limited review by statutory auditors S G C O & Co. LLP. Their report was unqualified, indicating that nothing came to their attention to suggest material misstatements in the financial statements.
Financial Deep Dive & Quality:
Detailed balance sheet and cash flow statements were not part of this specific announcement, preventing a comprehensive analysis of liquidity, debt, or cash generation quality. The absence of EBITDA figures also limits margin analysis beyond simple PAT margins. The consolidated PAT dip warrants attention, despite topline growth.
🚫 Risks & Outlook
This announcement did not include any specific management guidance, future outlook, or concall highlights. Key risks for investors to monitor include the finalization of the Finoux Solutions acquisition, potential administrative delays with the MCA, and the sustainability of standalone growth versus the more moderate consolidated performance. The impact of the one-time labour code expense has been clarified, but its future implications on operational costs are not detailed.