Transformers and Rectifiers (India) (532928) Q4 13/14 earnings summary

Executive summary

• FY14 revenue from operations rose to ₹71,825.84 lakh from ₹50,968.32 lakh; PAT edged up to ₹480.51 lakh from ₹473.28 lakh as raw-material, finance and depreciation costs pressured earnings.

• Production reached 20,650 MVA vs 13,217 MVA; the order book stood at ₹45,411 lakh on 2 May 2014.

Financial highlights

• Standalone total revenue was ₹72,232.20 lakh vs ₹51,490.88 lakh; PBT ₹766.52 lakh vs ₹607.70 lakh; PAT ₹480.51 lakh vs ₹473.28 lakh.

• Consolidated total income was ₹73,573.60 lakh vs ₹51,744.71 lakh; PBT ₹932.23 lakh vs ₹785.86 lakh; PAT ₹518.79 lakh vs ₹490.48 lakh.

• Standalone EBITDA was ₹4,027.68 lakh vs ₹2,328.50 lakh; finance costs rose to ₹2,333.32 lakh from ₹1,022.72 lakh.

• Export revenue was ₹2,909.41 lakh; total exports in the order book were ₹2,019 lakh.

Outlook and guidance

• Management expected business conditions to improve in H2 FY15 and further in the final years of the 12th Plan, conditional on economic revival and power-sector reforms.

• Industry demand, discom finances, fuel availability, transmission investment and project execution were identified as key determinants of future transformer demand.