GE Power India (532309) Q4 02/03 earnings summary

Executive summary

• FY ended Mar. 31, 2003 covered 12 months; prior comparison covered 15 months and included merged entities, so results are not directly comparable.

• Despite difficult market conditions and lower deliveries from completed large projects, revenue was Rs. 6,218 million and profit before tax was Rs. 695 million.

• Cost controls and efficient execution of large projects supported profitability; order backlog stood at Rs. 8,093 million at year-end.

Financial highlights

• Revenue was Rs. 6,218 million versus Rs. 11,545 million in the prior 15-month period; sales and services contributed Rs. 5,854 million.

• PBT was Rs. 695 million versus Rs. 789 million; PAT was Rs. 647 million versus Rs. 630 million.

• Basic and diluted EPS was Rs. 9.65 versus Rs. 10.18; figures reflect different reporting periods.

• Order bookings were Rs. 4,791 million and year-end orders in hand were Rs. 8,093 million.

Outlook and guidance

• Power-sector opportunity includes the Government’s target to add 100,000 MW of generation capacity by the end of the 11th Plan; focus areas include plant services, rehabilitation and hydro.

• Transmission & Distribution outlook cited grid expansion, APDRP projects and expected demand for substations, metering equipment and transmission lines.

• Rail safety, infrastructure modernization and the Delhi Metro’s successful operation were identified as opportunities for transport systems and metro projects.