TD Power Systems Limited (533553) Q4 14/15 earnings summary

Executive summary

• FY15 standalone revenue from operations and other income rose 9.77% to Rs. 42,195.06 lakh, while PAT fell 50.09% to Rs. 1,696.29 lakh.

• Consolidated net sales rose 24.41% to Rs. 59,744.19 lakh, but results swung to a loss of Rs. 82.84 lakh from profit of Rs. 2,270.81 lakh.

• Manufacturing order booking grew 18%; exports and deemed exports reached 66.53% of standalone sales as domestic demand remained weak.

Financial highlights

• Standalone total income increased 9.77% to Rs. 42,195.06 lakh; total expenditure rose 17.72% to Rs. 39,894.70 lakh.

• Standalone EBITDA was Rs. 5,472.94 lakh, down 14.10%; PAT was Rs. 1,696.29 lakh, down 50.09% YoY.

• Consolidated total income increased 20.92% to Rs. 62,194.34 lakh; PBT fell 83.15% to Rs. 595.73 lakh and PAT was a loss of Rs. 82.84 lakh.

• Standalone EPS was Rs. 5.10 vs. Rs. 10.23; consolidated EPS was a loss of Rs. 0.25 vs. Rs. 6.74.

Outlook and guidance

• FY16 manufacturing growth was expected on a comfortable order book, continued export focus, and potential recovery in domestic industrial capex.

• Gas and wind generator growth was expected in FY16; traction-generator qualification orders could lead to significant longer-term volumes.

• TG Island project revenues were expected to remain flat in FY16; hydro pricing and rupee weakness remained concerns.