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 grew 124% in Q4 FY25 and 86% for the full year, reaching INR 29.9 billion in Q4 and a record order backlog of INR 126.6 billion as of March 2025.

• Profit before tax increased 2.5x in Q4 FY25 and 3.1x for the year, with Q4 PBT at INR 2.5 billion and FY25 PBT at INR 8.2 billion.

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

• Board recommended a final dividend of Rs. 5 per equity share for FY25, subject to shareholder approval.

Financial highlights

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

• Net profit for FY25 stood at INR 6,083.3 million, compared to INR 1,810.5 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%; for FY25, 34.4%–40.4%, a significant improvement year-on-year.

• Cash and cash equivalents stood at INR 10.5 billion as of March 31, 2025, with cash generated of INR 8.3 billion for the year.

Outlook and guidance

• Management expects continued strong demand, with a focus on expanding product mix beyond transformers to include switchgears, STATCOMs, HVDC, and automation.

• Strong order backlog of INR 126.6 billion supports future revenue visibility.

• Pricing environment is stable, with no significant improvement or decline anticipated.

• Export mix is targeted to remain around 28–30% of total orders.

• CapEx of INR 240-250 crore announced for capacity expansion, primarily for HVDC and debottlenecking existing lines.