Core Viewpoint - Fairfax India Holdings Corporation reported a significant turnaround in fiscal year 2025, achieving net earnings of $410.5 million compared to a net loss of $41.2 million in fiscal year 2024, indicating strong financial recovery and performance improvement [1]. Financial Performance - The company’s net earnings per diluted share for fiscal year 2025 were $3.05, a substantial increase from a net loss of $0.30 per diluted share in fiscal year 2024 [1]. - The book value per share rose by 9.4% to $22.94 at December 31, 2025, from $20.96 at December 31, 2024, primarily driven by net gains on investments [1]. Investment Gains and Losses - Fairfax India recorded a net change in unrealized gains on investments of $527.6 million, mainly from increases in the fair values of private company investments in BIAL ($399.1 million) and publicly listed investments in IIFL Finance ($146.0 million) [3]. - The company experienced unrealized foreign currency translation losses of $153.8 million due to a 4.7% depreciation of the Indian rupee against the U.S. dollar [3]. Cash and Liquidity - As of December 31, 2025, Fairfax India held cash and marketable securities totaling $50.7 million, with an additional $168.5 million available under its revolving credit facility [2]. - The company amended its revolving credit facility to support a deferred payment for an additional 10% equity interest in BIAL, with a borrowing limit of $245.0 million [3]. Shareholder Actions - During 2025, Fairfax India repurchased 620,658 subordinate voting shares at a net cost of $10.4 million, reflecting the company’s commitment to returning value to shareholders [3]. Comprehensive Income - The comprehensive income for the year ended December 31, 2025, was $288.2 million, compared to a comprehensive loss of $118.3 million in 2024, showcasing a significant improvement in overall financial health [8].

Core Insights - Fairfax India Holdings Corporation reported net earnings of $278.1 million in Q2 2025, an increase from $254.1 million in Q2 2024, translating to $2.06 net earnings per diluted share compared to $1.88 in the previous year [1][8] - The company's book value per share rose by 10.4% to $21.43 as of June 30, 2025, from $19.41 at March 31, 2025, primarily driven by unrealized gains on publicly listed investments [1][5] Financial Health - As of June 30, 2025, Fairfax India held cash and marketable securities totaling $107.0 million, with an additional $79.2 million available under its revolving credit facility [2] - The weighted average common shares outstanding were 134.8 million in Q2 2025, slightly down from 135.2 million in Q2 2024 [2] Investment Performance - The net change in unrealized gains on investments was $330.9 million, mainly due to increases in the fair values of publicly listed investments, including IIFL Capital ($129.2 million) and IIFL Finance ($110.2 million) [5] - The company continued its share buyback program, purchasing 28,758 subordinate voting shares at a net cost of $0.4 million during Q2 2025 [5] Balance Sheet Overview - Total assets as of June 30, 2025, were $3.873 billion, up from $3.631 billion at the end of 2024 [6] - Total liabilities increased to $853.9 million from $673.5 million at the end of 2024, while common shareholders' equity rose to $2.888 billion [6] Earnings Summary - Total income for Q2 2025 was $330.9 million, compared to $290.8 million in Q2 2024, with net realized gains on investments significantly lower at $83,000 compared to $101.4 million in the previous year [7][8] - The company reported comprehensive income of $271.7 million for Q2 2025, slightly up from $253.5 million in Q2 2024 [9]

Core Insights - Fairfax India Holdings Corporation reported net earnings of $278.1 million in Q2 2025, an increase from $254.1 million in Q2 2024, translating to $2.06 net earnings per diluted share compared to $1.88 in the previous year [1][7] - The company's book value per share rose by 10.4% to $21.43 as of June 30, 2025, from $19.41 at March 31, 2025, primarily driven by unrealized gains on publicly listed investments [1][5] Financial Health - As of June 30, 2025, Fairfax India held cash and marketable securities totaling $107.0 million, with an additional $79.2 million available under its revolving credit facility [2] - The weighted average common shares outstanding were 134.8 million in Q2 2025, slightly down from 135.2 million in Q2 2024 [2] Investment Performance - The net change in unrealized gains on investments was $330.9 million, mainly due to increases in the fair values of publicly listed investments, including IIFL Capital ($129.2 million) and IIFL Finance ($110.2 million) [5] - The company continued its share buyback program, purchasing 28,758 subordinate voting shares at a net cost of $0.4 million during Q2 2025 [5] Balance Sheet Overview - Total assets increased to $3.873 billion as of June 30, 2025, up from $3.631 billion at the end of 2024 [6] - Total liabilities rose to $853.9 million, compared to $673.5 million at the end of 2024, while common shareholders' equity increased to $2.888 billion [6] Earnings Summary - For the first six months of 2025, net earnings were $67.1 million, a significant recovery from a loss of $39.1 million in the same period of 2024 [7][10] - The company reported comprehensive income of $271.7 million in Q2 2025, compared to $253.5 million in Q2 2024 [10]

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