GE Vernova T&D India (522275) Q4 2005 earnings summary

Executive summary

• Nine-month period ended Dec. 31, 2005; financial year shifted from April–March to January–December for alignment with the parent’s global reporting cycle.

• Operations grew above the industry average; both T&D and non-T&D businesses performed well, with a satisfactory order book.

Financial highlights

• Sales inclusive of excise duty were Rs 9,576.6 million, versus Rs 6,313.3 million in the comparable nine months.

• Operating profit was Rs 648.2 million versus Rs 319.2 million; profit before tax was Rs 593.9 million versus Rs 200.6 million.

• Net profit was Rs 362.6 million versus Rs 127.1 million; voluntary separation costs were Rs 54.2 million versus Rs 118.7 million, and property-sale profit was Rs 6.5 million.

Outlook and guidance

• T&D expected to maintain satisfactory growth on a healthy order book; management expected current growth to continue in coming years.

• Planned product launches include numerical protection relays, 33 kV indoor panels and breakers, and HVX breakers for export markets.

• 765 kV and 765 kV HVDC projects, export opportunities, and the AREVA network were identified as growth opportunities.