GE Vernova T&D India (522275) Q4 24/25 earnings summary

Executive summary

• Achieved robust revenue and EBITDA margin growth in Q4 and FY25, driven by strong demand across product lines, especially transformers and advanced grid technologies.

• Order intake for Q4 reached INR 29.9 billion, up 124% year-on-year, with a record order backlog of INR 126.6 billion as of March 2025.

• Profit before tax for Q4 was INR 2.5 billion, up from INR 1.01 billion year-on-year; FY25 profit before tax was INR 8.2 billion, a threefold increase.

• Cash and cash equivalents rose to INR 10.5 billion, reflecting strong cash generation and disciplined execution.

• Audited financial results for the quarter and year ended March 31, 2025, were approved, with the auditor issuing an unmodified opinion.

Financial highlights

• Q4 revenue was INR 11.5 billion, up 26% year-on-year; FY25 revenue reached INR 42.9 billion, up 35% year-on-year.

• Profit after tax for FY25 was INR 6,083 million, up from INR 1,811 million in FY24.

• EBITDA for Q4 was INR 2.5 billion (21.9% margin); FY25 EBITDA was INR 8.1 billion (19.1% margin).

• Gross margin for Q4 was 42.3%; FY25 gross margin was 40.4%.

• Cash generated was INR 1.9 billion in Q4 and INR 8.3 billion for the full year.

Outlook and guidance

• Management expects continued strong demand, especially from India's power transmission expansion and global energy transition trends.

• Order backlog of INR 126.6 billion provides strong revenue visibility; about INR 85 billion executable within 18-24 months.

• Pricing environment is stable, with no significant improvement expected but also no decline anticipated.

• Continued focus on integrated solutions and execution of large-scale projects.

• Focus remains on sustaining high gross and EBITDA margins through product mix and operational efficiency.