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

Executive summary

• Consolidated total income for Q1 FY25 rose 24% year-over-year to INR 2.77 billion, with profit after tax and OCI up 36% to INR 356 million.

• Achieved highest ever quarterly order inflow in Q1FY25, with a 25.4% YoY increase to Rs. 2,968 Mn and a total order book of Rs. 12,150 Mn as of June 30, 2024.

• Installed 122 generators in Q1FY25, with 63% exported, reflecting a 17% YoY growth in export supply.

• Maintains a diversified product portfolio and global presence, with over 6,419 generators installed in 109 countries since inception.

• Unaudited financial results for the quarter ended June 30, 2024, were approved and published, reflecting continued growth in revenue and profitability year-over-year.

Financial highlights

• Q1FY25 total income rose 24.1% YoY to Rs. 2,742 Mn; EBITDA increased 24.5% YoY to Rs. 488 Mn, with EBITDA margin steady at 17.8%.

• Standalone income increased 13% to INR 2.66 billion, and standalone PAT rose 7% to INR 312 million.

• Standalone revenue from operations for Q1 FY25 was ₹26,358.45 lakhs, up from ₹23,028.23 lakhs in Q1 FY24.

• Consolidated profit before tax for Q1 FY25 was ₹4,578.27 lakhs, compared to ₹3,711.11 lakhs in Q1 FY24.

• Q1FY25 PAT grew 32.6% YoY to Rs. 353 Mn, with PAT margin improving to 12.9%.

Outlook and guidance

• FY25 sales guidance is INR 1,200+ crore, implying 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.

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

• Strong order book and robust export growth position the company for continued revenue and profit expansion.

• Management expects continued improvement in subsidiary performance, especially in the USA, with positive trends in revenue and profitability supporting a going concern basis.