CG Power & Industrial Solutions (CGPOWER) Q4 23/24 earnings summary

Executive summary

• FY24 delivered record financial and operating performance amid geopolitical, commodity-price and interest-rate volatility; standalone revenue rose 16% YoY and consolidated revenue rose 15%.

• Consolidated unexecuted order book reached ₹6,411 crore, up 44% YoY; strategic priorities included capacity expansion, exports, digitalization and semiconductor diversification.

Financial highlights

• Standalone revenue was ₹7,610 crore vs ₹6,580 crore; PBT before exceptional items was ₹1,146 crore vs ₹927 crore, up 16% and 24% YoY, respectively.

• Consolidated revenue was ₹8,046 crore vs ₹6,973 crore; EBITDA was ₹1,234 crore vs ₹1,061 crore; PBT before exceptional items was ₹1,136 crore vs ₹950 crore.

• Consolidated PAT from continuing operations was ₹871 crore vs ₹796 crore; total PAT was ₹1,428 crore vs ₹963 crore, including ₹556 crore from discontinued operations.

• Standalone free cash flow was ₹784 crore; reported margins were 15.1% of sales vs 14.1% in FY23, supported by realizations, mix, cost efficiencies and export execution.

• Exceptional items were ₹142 crore standalone and ₹21 crore consolidated; consolidated items included a ₹65.39 crore net gain on asset sales and ₹42 crore litigation settlement payment.

Outlook and guidance

• FY25 outlook was described as strong, supported by the order book; priorities include operational excellence, capacity expansion, plant modernization, digitization, Industry 4.0 and AI deployment.

• Approved capacity projects totaling ₹662 crore, funded through internal accruals, were under implementation and expected to finish within 18 months.

• The Sanand OSAT facility is planned with ₹7,600 crore investment over five years and production capacity ramping to 15 million units per day; government incentives are applicable.