CG Power & Industrial Solutions (CGPOWER) Q3 24/25 earnings summary

Executive summary

• Standalone sales for Q3 FY25 reached INR 2,389 crores, up 28% year-over-year, with orders at INR 3,636 crores, a 61% increase, marking a record high for the quarter.

• Consolidated revenue from operations for Q3 FY2024-25 was ₹2,515.68 crore, up from ₹1,978.75 crore in Q3 FY2023-24; consolidated PBT was INR 335 crores (13.3% margin).

• Profit after tax for Q3 FY2024-25 was ₹237.85 crore, compared to ₹196.60 crore in Q3 FY2023-24.

• Free cash flow for the quarter was INR 235 crores (96% FCF to PAT ratio); return on capital employed annualized at 34%.

• Total comprehensive income for Q3 FY2024-25 was ₹217.30 crore.

Financial highlights

• Standalone PBT before other income was INR 306 crores, up 35% year-over-year; PBT margin improved to 12.8%.

• Order backlog at quarter-end was INR 8,952 crores, up significantly year-over-year.

• Consolidated order intake for Q3 was INR 4,390 crores, up 82% year-over-year; unexecuted order backlog at INR 9,706 crores, up 70%.

• EBITDA for Q3 FY2024-25 was ₹334.86 crore, up from ₹264.46 crore in Q3 FY2023-24.

• Discontinued operations contributed a profit after tax of ₹551.07 crore in Q3 FY2024-25.

Outlook and guidance

• Power transformer capacity expansion to 85,000 MVA by FY27-28 with INR 712 crores investment, targeting both domestic and export markets.

• Distribution transformer and switchgear segments expected to see double-digit growth, with sufficient capacity in place.

• OSAT (semiconductor) mini factory expected to start in 2026, mega factory in 2027; project is on track.

• The company is expanding into the semiconductor sector with the incorporation of Axiro Semiconductor Private Limited and Axiro Semiconductor Inc., linked to a definitive agreement for acquiring an RF Components business, pending regulatory approvals.