Fairfax India Holdings Corporation: Second Quarter Financial Results
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
(Note:
All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS® Accounting Standards"), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See "Glossary of non-GAAP and other financial measures" at the end of this press release for further details.)
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX:FIH) announces net earnings of $278.1 million ($2.06 net earnings per diluted share) in the second quarter of 2025, compared to net earnings of $254.1 million in the second quarter of 2024 ($1.88 net earnings per diluted share). The company's book value per share increased 10.4% to $21.43 at June 30, 2025 from $19.41 at March 31, 2025 ($20.96 at December 31, 2024), primarily due to unrealized gains recorded on the company's publicly listed investments.
Highlights for the second quarter of 2025 included the following:
Net change in unrealized gains on investments of $330.9 million principally arose from increases in the fair values of the company's publicly listed investments of $329.1 million, including IIFL Capital ($129.2 million), IIFL Finance ($110.2 million), CSB Bank ($73.3 million), Fairchem Organics ($11.4 million) and 5paisa ($5.0 million), and private company investments of $0.8 million including BIAL ($6.3 million) and Seven Islands ($3.5 million), partially offset by unrealized losses on the company's investment in Sanmar ($12.3 million).
The company continued to buy back shares under its normal course issuer bid and during the second quarter of 2025 purchased for cancellation 28,758 subordinate voting shares at a net cost of $0.4 million ($15.19 per subordinate voting share).
Fairfax India is in strong financial health, with cash and marketable securities at June 30, 2025 of $107.0 million and $79.2 million available under its revolving credit facility.
There were 134.8 million and 135.2 million weighted average common shares outstanding during the second quarters of 2025 and 2024, respectively. At June 30, 2025 there were 104,810,704 subordinate voting shares and 30,000,000 multiple voting shares outstanding.
Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India's detailed second quarter report can be accessed at its website www.fairfaxindia.ca.
Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
For further information, contact:
John Varnell, Vice President, Corporate Affairs(416) 367-4755
CONSOLIDATED BALANCE SHEETSas at June 30, 2025 and December 31, 2024(unaudited - US$ thousands except per share amounts)
June 30, 2025
December 31, 2024
Assets
Cash and cash equivalents
20,216
59,322
Bonds
110,134
180,507
Common stocks
3,738,804
3,381,206
Total cash and investments
3,869,154
3,621,035
Interest and dividends receivable
3,173
8,849
Income taxes refundable
174
174
Other assets
582
722
Total assets
3,873,083
3,630,780
Liabilities
Accounts payable and accrued liabilities
1,019
1,300
Accrued interest expense
9,004
8,611
Income taxes payable
844
5,379
Payable to related parties
10,572
10,099
Payable for securities purchased
170,850
—
Deferred income taxes
163,039
149,780
Borrowings
498,610
498,349
Total liabilities
853,938
673,518
Equity
Common shareholders' equity
2,888,397
2,826,495
Non-controlling interests
130,748
130,767
Total equity
3,019,145
2,957,262
3,873,083
3,630,780
Book value per share
$
21.43
$
20.96
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)for the three and six months ended June 30, 2025 and 2024(unaudited - US$ thousands except per share amounts)
Second quarter
First six months
2025
2024
