Transformers and Rectifiers (India) (532928) Q2 24/25 earnings summary

Executive summary

• Achieved record revenue and profitability growth in Q1 and Q2 FY25, driven by strong order inflow, diversified order book, and expansion into global markets with exports to over 25 countries.

• Strategic focus on consolidation, expansion, and sustainable profitability, with new renewable energy capacity and automated rectifier facility coming online in late 2024 and early 2025.

• Board and auditors reviewed and approved financial results for the quarter and half year ended September 30, 2024, confirming compliance with Indian Accounting Standards and SEBI regulations.

Financial highlights

• Q2 FY25 consolidated revenue: ₹46,154 lakh, up 75% YoY; Q1 FY25 consolidated revenue: ₹32,200 lakh; H1 FY25 consolidated revenue: ₹78,354 lakh.

• Q2 FY25 standalone EBITDA: ₹7,565 lakh, up 260% YoY, margin at 16.53%; Q2 FY25 standalone PAT: ₹4,218 lakh, up 1272% YoY, PAT margin 9.22%.

• Q2 FY25 consolidated net profit: ₹4,591 lakh, up from ₹189 lakh in Q2 FY24; basic EPS (consolidated) for Q2 FY25: ₹3.04.

• Q1 FY25 standalone revenue: INR 311 crore, up 103% YoY; standalone EBITDA: INR 42.53 crore, up 633% YoY; standalone PAT: INR 18.41 crore, up 268% YoY.

Outlook and guidance

• FY25 revenue guidance maintained at INR 2,000 crore with 14% EBITDA margin; targeting $1 billion revenue in the next three years.

• New Changodar plant expansion to add 12,000–15,000 MVA capacity, expected to contribute INR 1,000 crore annually from December 2024; fabrication unit to start by March 2025.

• Export order book targeted to reach 25% by FY26; advanced negotiations for organic and inorganic growth avenues.