GE Power India (532309) Q4 08/09 earnings summary

Executive summary

• FY09 revenue reached ₹22,902.8m, with profit after tax of ₹1,348.9m and EPS of ₹20.13; higher volumes and project management lifted profit 84% YoY.

• Orders received were ₹20,987m and year-end orders on hand were ₹27,025m, supporting continued project execution.

Financial highlights

• Revenue was ₹22,902.8m vs ₹15,470.7m in FY08; PBT was ₹2,067.7m vs ₹1,188.0m, and PAT was ₹1,348.9m vs ₹733.1m.

• EPS rose to ₹20.13 from ₹10.94; the Board recommended a ₹10/share dividend vs ₹8/share in FY08.

• Interest income was ₹271.3m; net cash from operations was ₹1,887.6m.

• Prior-year PBT included a ₹54.4m reversal of an impairment provision; FY09 had no exceptional item.

Outlook and guidance

• Indian economic growth was forecast at 7% compounded for 2009–13; infrastructure was expected to remain resilient despite the global downturn and benefit from stimulus packages.

• Power equipment ordering exceeded 35 GW in 2008, with the market trend expected to sustain for 3–5 years; the outlook remained buoyant despite near-term risks.

• Transport plans focused on pursuing Indian Railways and metro projects and expanding component and signalling-engineering work for global operations.