Investor Presentation for Q2 FY2025-2026
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Prithvi Exchange, an RBI-licensed forex dealer with 32 branches across India, reported Q2 FY25-26 results showing total revenue of ₹102.13 crore (up from ₹98.89 crore YoY) but net profit falling sharply to ₹1.25 crore from ₹2.97 crore YoY (a ~58% decline). Management cited currency volatility, intense competition, and margin pressure across segments. The wholesale bank notes business dropped 16% due to compliance with RBI's 75:25 rule, though business travel grew 17% and GTO card sales rose 23% YoY. EPS fell to ₹1.51 from ₹3.94 a year earlier. The company is awaiting RBI approval to launch 3 new centers and is exploring expansion into tier 2 and tier 3 cities.
Despite revenue growth, the steep profit decline signals significant margin compression that shareholders should note as a concern. The RBI 75:25 rule compliance impact and visa norm tightening in key markets add near-term headwinds, though the 3 new centers awaiting RBI approval could provide future growth optionality.