GE Power India (532309) Q4 09/10 earnings summary

Executive summary

• FY10 revenue was Rs 20,427 million; profit after tax rose 24% YoY to Rs 1,673 million on a standalone basis, with EPS of Rs 24.95.

• Orders received reached Rs 27,468 million and year-end orders in hand were Rs 34,066 million, supporting activity across power and transport.

Financial highlights

• Net sales and services were Rs 20,427 million versus Rs 22,903 million in FY09; consolidated PAT was Rs 1,675 million versus Rs 1,381 million.

• Standalone PBT increased to Rs 2,483 million from Rs 2,068 million; PAT rose 24% YoY to Rs 1,673 million.

• Consolidated revenue included Rs 20,414 million net sales and Rs 405 million other income; consolidated EPS was Rs 24.99 versus Rs 20.61.

Outlook and guidance

• Power outlook was positive, with Indian capacity-addition plans expected to sustain demand; supercritical technology share was expected to rise as manufacturing localised and costs eased.

• Transport plans targeted growth through Indian Railways and metro projects, plus supply of components and signalling engineering services to global Alstom units.

• Forward-looking plans depend on assumptions and events that may not materialise; actual results could differ materially.