Fairfax India Holdings Corporation: Third Quarter Financial Results

Core Viewpoint - Fairfax India Holdings Corporation reported a significant decline in net earnings for the third quarter of 2025, with net earnings of $3.2 million compared to $34.0 million in the same quarter of 2024, primarily due to unrealized foreign currency translation losses from the depreciation of the Indian rupee against the U.S. dollar [1][5]. Financial Performance - Net earnings for Q3 2025 were $3.2 million ($0.02 per diluted share), down from $34.0 million ($0.25 per diluted share) in Q3 2024 [1]. - The company's book value per share decreased by 3.3% to $20.72 as of September 30, 2025, from $21.43 at June 30, 2025 [1]. - Cash and marketable securities totaled $72.9 million as of September 30, 2025, with an additional $69.5 million available under a revolving credit facility [2]. Investment Performance - The net change in unrealized gains on investments was $59.5 million, driven by increases in the fair values of private company investments, notably BIAL ($160.2 million) and Seven Islands ($35.1 million) [5]. - Unrealized foreign currency translation losses amounted to $103.1 million due to the depreciation of the Indian rupee against the U.S. dollar [5]. Shareholder Information - The weighted average common shares outstanding were 134.8 million in Q3 2025, slightly down from 135.2 million in Q3 2024 [3]. - The company completed a second installment payment of $94.4 million for acquiring an additional 10% equity interest in BIAL [5]. Balance Sheet Overview - As of September 30, 2025, total assets were $3.77 billion, with total liabilities of $838.8 million, resulting in total equity of $2.93 billion [6]. - The book value per share was reported at $20.72, down from $20.96 at the end of 2024 [6].