TD Power Systems Limited (533553) Q1 24/25 earnings summary

Executive summary

• Achieved highest ever quarterly order inflow in Q1 FY25, with a 24% year-over-year rise in consolidated total income to INR 2.77 billion and profit after tax and OCI up 36% to INR 356 million.

• Installed 122 generators in Q1 FY25, with 63% exported, reflecting a 17% YoY growth in export supply.

• Maintains a strong cash position at INR 2.26 billion and a diversified product portfolio with over 6,419 generators installed in 109 countries.

• Export markets, especially for gas turbines, gas engines, and motors, are driving growth, while domestic order booking was temporarily weak due to elections but is recovering.

Financial highlights

• Q1 FY25 consolidated revenue rose 24.1% YoY to Rs. 2,742 Mn, with EBITDA up 24.5% YoY to Rs. 488 Mn and margin steady at 17.8%.

• Q1 FY25 PAT grew 32.6% YoY to Rs. 353 Mn, with PAT margin improving to 12.9%.

• Standalone total income for Q1 was INR 2.66 billion, up 13% YoY; standalone PAT was INR 312 million, up 7% YoY.

• EBITDA margin for the quarter stood at 17.35% (including other income, excluding exceptional and treasury income).

• Temporary cost increases occurred due to union issues, mitigated in Q2.

Outlook and guidance

• FY25 sales guidance is INR 1,200+ crore, representing 20% top-line growth over the previous year.

• Margin growth is expected to outpace sales growth by 3-4 percentage points due to operational leverage.

• Export order inflow is expected to remain at 65-70% of total for the next 4-6 quarters.

• Baseline top-line growth guidance for FY26 is 17-18% YoY, with management aiming to exceed this.

• Ongoing investments in automation and capacity augmentation to support efficiency and future growth.