GE Vernova T&D India (522275) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue grew 28% year-on-year to INR 10.7 billion, with net profit rising to INR 1,426.8 million and EPS at Rs 5.57.

• Order backlog reached a record INR 107.8 billion, up 72% year-on-year, providing strong revenue visibility for the next few years.

• Q3 order booking was INR 20.8 billion, down 12% year-on-year due to a prior large one-off order; 9M order booking rose 75% to INR 77.9 billion.

• Cash and cash equivalents rose to INR 8.6 billion as of December 2024, reflecting robust cash generation.

• Board approved unaudited Q3 results and appointed Ms. Shweta Mehta as Company Secretary & Compliance Officer effective February 6, 2025.

Financial highlights

• Q3 revenue: INR 10.7 billion, up 28% year-on-year; 9M revenue: INR 31.4 billion, up 39% year-on-year.

• Q3 EBITDA: INR 1.8 billion (16.7% margin), up 80% from INR 966 million (11.5% margin) last year.

• Q3 profit before tax: INR 1.9 billion (17.7% margin), up from INR 730 million (6.7% margin) last year.

• Q3 net profit: INR 1,426.8 million (13.3% margin), up from INR 493.5 million (5.9%) last year.

• Cash generated: INR 1.9 billion in Q3 and INR 6.4 billion in nine months before dividend payment.

Outlook and guidance

• Record order backlog supports multi-year revenue visibility; management aims to maintain mid- to high-teens EBITDA margins.

• No significant capacity expansion expected in the next 12-18 months; current backlog covers 2-2.5 years of revenue.

• Export revenue expected to pick up as large export orders are executed; target to maintain export order inflow at 30% of total.

• No explicit forward-looking guidance provided in board review.