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GE Vernova T&D India Results: Latest Quarterly Results & Analysis

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GE Vernova T&D India Ltd. 05 Feb 2025 16:34 PM
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Q3FY25 Quarterly Result Announced for GE Vernova T&D India Ltd.

Industrial Machinery company GE Vernova T&D India announced Q3FY25 results

  • Revenue was Rs 10.7 billion, against Rs 8.4 billion in Q2FY24, up 28%.
  • EBITDA was at Rs 1,797 million (16.7%), against Rs 966 million (11.5%) in Q2FY24.
  • Profit After Tax was at Rs 1,427 million (13.3%), against Rs 494 million (5.9%) in Q2FY24.
  • Order bookings were Rs 20.8 billion, against Rs 23.7 billion in Quarter Ended Dec 2023, down by 12%.

Sandeep Zanzaria, Managing Director & CEO, GE Vernova T&D India,, said: “We are pleased to report a solid third quarter – we expanded margins for a third consecutive quarter and closed large deals with a total value of Rs 20.8 billion. We are advancing on our long-term vision with steady, sustainable growth and a sharp focus on safety, quality, delivery and cost.”

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Industrial Machinery company GE Vernova T&D India announced Q2FY25 results

Financial Highlights:

  • Revenue was Rs 11.1 billion, against Rs 7.0 billion in Q2FY24, up 59%.
  • EBITDA was at Rs 2,086 million (18.8%), against Rs 698 million (10.0%) in Q2FY24.
  • Profit After Tax was at Rs 1,446 million (13.1%), against Rs 372 million (5.3%) in Q2FY24.
  • Order bookings were Rs 46.8 billion, against Rs 10.8 billion in Q2FY24, up 333%

Other Highlights:

  • Successfully commissioned 132 / 33 KV Substation with 2X50 MVA 132/33KV Transformers of JUSNL Mahuadarn under a World Bank funded project.
  • Successfully charged 765 KV Line Bay, 765 KV Tie Bay & 765 & 400 KV 1500 MVA ICT Bay at 765/400KV at New Kotra Substation of Powergrid.
  • Successfully commissioned 500 MVA Power Transformer, 125 MVAr Reactor, 16 Bays (8 nos. each of 400 kV and 220 kV bays), AIS Line Bay for Renew at Gadag and Narendra.
  • Commissioned extension scope of 220 kV Line Bays and 220 kV Bus Sectionalizer for Hindalco at Jharsuguda, Odisha.
  • Successfully commissioned 765 kV transformers for PGCIL at Bhadla.
  • Successfully commissioned 765 kV transformers for Doosan at Obra.
  • Successfully commissioned 400 kV transformers and shunt reactors for Doosan at Jawaharpur.

Sandeep Zanzaria, Managing Director & CEO, GE Vernova T&D India, said: “We delivered a solid second quarter, delivering continued revenue growth, significant margin expansion, and substantial cash generation. We have secured a record high order backlog, which positions the company for strong revenue growth in the coming years. As India continues to make significant strides towards its ambitious target of 500 GW non-fossil fuel capacity by 2030, we are excited to collaborate with stakeholders in power sector and contribute to this transformative journey.”

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Industrial Machinery company GE T&D India announced Q1FY25 results:

  • Revenue was Rs 9.6 billion, against Rs 7.2 billion in Quarter Ended June 2023, up 34.0%
  • EBITDA was at Rs 1,940 million (20.2%), against Rs 628 million (8.7%) in Quarter Ended June 2023
  • Profit After Tax was at Rs 1,345 million (14.0%), against Rs 282 million (3.9%) in Quarter Ended June 2023
  • Order bookings were Rs 10.3 billion, against Rs 10.1 billion in Quarter Ended June 2023, up 2%

Sandeep Zanzaria, Managing Director & CEO of GE T&D India, said, “Our exceptional quarterly results are a direct outcome of our unwavering focus on delivering quality and value to our customers and stakeholders. As India's power grid scales new heights with its power transmission system emerging as one of the largest unified electricity grids in the world, we are excited to be a key partner in this journey of India’s energy transition.”

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Industrial Machinery company GE T&D India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue was Rs 9.1 billion, against Rs 7.0 billion in Q4FY23, up by 30.0%
  • EBITDA was at Rs 1,167 million (12.8%), against Rs 316 million (4.5%) in Q4FY23
  • Profit After Tax was at Rs 663 million (7.3%), against loss of Rs 154 million (-2.2%) in Q4FY23
  • Order bookings were Rs 13.3 billion compared to Rs 8.7 billion in Q4FY23, up by 53%

 FY24 Financial Highlights:

  • Revenue was Rs 31.7 billion, against Rs 27.7 billion in FY23, up 14% YoY
  • EBITDA was at Rs 3,415 million (10.8%), against Rs 1,355 million (4.9%) in FY23
  • Profit After Tax was at Rs 1,811 million (5.7%), against Rs (15) million (-0.1%) in FY23
  • Order bookings were Rs 57.9 billion compared to Rs 27.4 billion in FY23, up 112% YoY
  • The board of directors of the company have recommended a dividend of Rs 2/- per equity share for the financial year 2023-24 subject to shareholder’s approval. 

Sandeep Zanzaria, Managing Director & CEO of GE T&D India Limited, said, “In FY24, GE T&D India Ltd. achieved a strong turnaround, delivering excellent results on all fronts. We saw a surge in order booking and our backlog improved along with steady growth in revenues and substantial growth in profits & cash. The company consolidated its position on free cashflow, and the Board has recommended a dividend of Rs 2/- to our shareholders after a gap of 5 years. India is poised to witness a very fast growth in electricity demand among major economies over the next decade. With ongoing investments in grid modernization, capacity expansion, and the integration of technologies, the outlook for the country’s transmission segment is promising.”

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Industrial Machinery company GE T&D India announced Q3FY24 results:

Financial Performance:
- The revenue for Q3FY24 was Rs 8.4 billion, showing an increase of 8.0% compared to Rs 7.8 billion in Q3FY23.
- EBITDA for Q3FY24 reached Rs 923 million, marking an increase from Rs 391 million in Q3FY23, and representing an EBITDA margin of 11.0% compared to the 5.0% of the previous year.
- Profit After Tax (PAT) significantly increased to Rs 494 million (5.9% of revenue), up from Rs 47 million (0.6% of revenue) reported in the third quarter of the previous year.

Order Bookings and Wins:
- Order bookings for the quarter were Rs 23.7 billion, a substantial 204% increase over the Rs 7.8 billion recorded in the third quarter of the previous year.
- Notable orders secured during the quarter included:
- HVDC Transformers supply order from UK Grid Solutions Ltd. (a GE Group Company).
- 765 kV Power Transformers and Shunt Reactors order from Power Grid Corporation of India Ltd for various projects.
- 420kV GIS supply for NTPC Talcher Thermal Power Project's STAGE III from Bharat Heavy Electricals Ltd (BHEL).
- Construction of 765 KV GIS Substation at Khavda PS1 (KPS1-Augmentation) for Adani Energy Solutions, excluding civil work.
- 400kV GIS Substation supply and construction at Babarzar for Gujarat Energy Transmission Company Ltd (GETCO).
- Orders for a data center project in Maharashtra and 765 KV Substations in renewable energy zones of Rajasthan.
- Turnkey construction of a 220 kV Sectionalizer at Hindalco, Lapanga for Aditya Birla.
- Supply of bus bar relays and Substation Automation for solar pooling and Adani Green Energy Ltd's ventures.
- Various infrastructure projects for Power Grid Corporation of India Ltd through orders from EPC companies.

Operational Achievements:
- Successful commissioning of 46 transformers and reactors with a total MVA exceeding 6700.
- Commissioned various AIS and GIS substations and associated infrastructure across different locations, including Infrastructure at Power Grid, Kopili, and Renew Koppal projects, and a transformer at BPC Chumdo in Bhutan.

Sandeep Zanzaria, Managing Director & CEO of GE T&D India, commented on the results: "As the pace of global energy transition accelerates with India spearheading the shift, our Q3 order book reflected a surge in demand - both in terms of domestic and exports. This, combined with our unwavering focus on optimization and strong order execution paved the way for improvement in profitability and the company becoming debt-free. We remain steadfast in our focus on serving the nation's needs and significantly contributing towards 'Make in India' initiative."

 

 

 

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Industrial Machinery company GE T&D India announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Sales revenue was Rs 7.0 billion up by 6.2%, compared to Rs 6.6 billion in Q4FY22
    • Loss before tax (including exceptional items) at Rs 1.2 million (-0.0%), against loss before Tax (including exceptional items) of Rs 349.8 million (-5.3%) in Q4FY22
    • Net Loss after tax at Rs 153.5 million (-2.2%), against Net loss after Tax of 225.3 million (-3.4%) in Q4FY22
    • Order bookings were Rs 8.7 billion up by 58.3%, compared to Rs 5.5 billion in Q4FY22
  • FY23:
    • Sales revenue was Rs 27.7 billion down by 9.5%, compared to Rs 30.7 billion in FY22
    • Profit before tax (including exceptional items) at Rs 267.5 million (1.0%) against loss before Tax (including exceptional items) of Rs 694.8 million (-2.3%) in FY22
    • Net Loss after tax at Rs 14.9 million (-0.1%), against Net Loss after Tax of Rs 496.2 million (-1.6%) in FY22
    • Order bookings were Rs 27.4 billion up by 26.3% compared to Rs 21.7 billion in FY22

Sandeep Zanzaria, Managing Director & CEO of GE T&D India, said, “In the financial year 2022-23, we made remarkable progress in modernizing India's grid infrastructure and supporting the nation's renewable energy targets. Our unwavering commitment to transforming India's energy landscape has been exemplified through key wins and successful project executions.

In addition to commissioning multiple air-insulated and gas-insulated substations with various medium to high ratings, we supplied critical large equipment such as 765 kV and 400 kV transformers and reactors for numerous substation projects led by private and public utilities. These projects and installations play a crucial role in strengthening the country's transmission infrastructure and meeting the ever-increasing energy demands.

Moreover, we have been at the forefront of deploying automation technology not only in India but also in neighboring countries. Our state-of-the-art automation and digital grid solutions have been widely adopted by utilities for their substations and control centers across the region. Notably, we secured a contract for the upgrade and automation of 39 substations in Nepal, which includes the establishment of six Master Control Centers (MCCs) and the replacement of outdated control and relay equipment. This significant project is a testament to our expertise and commitment to enhancing grid efficiency and reliability.

We maintain the unwavering determination to enhance our performance in the upcoming years. We are determined to seize opportunities in the evolving renewable energy landscape, continue contributing to India's grid modernization efforts, and drive the widespread adoption of renewable energy sources.”

 

 

Result PDF

Industrial Machinery firm GE T&D India announced Q1FY23 Result :

  • Sales revenue was INR 5.9 billion down 7.1%, compared to INR 6.4 billion in Quarter Ended (QE) June 21
  • Operating Profit at INR 180.5 million (3.0%), against operating loss of INR 142.4 million (-2.2%) in QE June 21
  • Profit after tax at INR 63.6 million (1.1%), against net loss of INR 192.6 million (3.0%) in QE June 21
  • Order bookings were INR 6.0 billion up 26.9% compared to INR 4.7 billion in QE June 21

 

 

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Industrial Machinery company GE T&D India declares Q3FY22 result:

  • Sales revenue for the quarter is INR 9.1 Billion, down by 11.6%, compared to INR 10.3 Billion for quarter ended Dec’20. For 9M’2021-22 revenue is INR 24.0 Billion, down by 5.7%, compared to INR 25.5 Billion of the 9M’2020- 21.
  • Operating profit (profit before interest, exceptional items and tax) for the quarter at INR 144.1 Million, down by 77.6%, against operating profit of INR 642.1 Million in quarter ended Dec’20 For the 9M’2021-22 operating profit (profit before interest, exceptional items and tax) is INR 47.0 Million, down by 94.6%, compared to INR 873.4 Million operating profit in 9M’2020-21.
  • Net loss after tax for the quarter is INR 1.0 Million against Net profit of INR 559.2 Million in quarter ended Dec’20 For the 9M’2021-22 net loss after tax is INR 270.9 Million compared to net profit of INR 442.1 Million in 9M’2020-21
  • Order bookings for the quarter is INR 5.1 Billion, down by 26.6%, compared to INR 6.9 Billion for quarter ended Dec’20. For 9M’2021-22 order booking is INR 16.2 Billion, down by 3.6% compared to INR 16.8 Billion of the 9M’2020-21
  • 400 kV substation including supply of 400 kV reactors at Koppal in Karnataka from Renew Power
  • Retrofitting of 400 kV Bays with latest Circuit Breakers at Jhakri from Satluj Jal Vidyut Nigam
  • Restoration of 400 kV Gas Insulated Substation Bay at Parbati in Madhya Pradesh from National Hydro-Electric Power Corporation Limited

Pitamber Shivnani, Managing Director & CEO of GE T&D India Limited, said, “ During the third quarter of financial year 2021-22, we successfully navigated a dynamic environment delivering a solid free cash flow. We focused on our portfolio, significantly reduced debt and strengthened our operating performance through lean and decentralization. Our top line results were pressured by two dynamics that we believe are temporary. First, persistent supply chain challenges. Second, we continue to drive commercial selectivity across the board. Grid is set to play a critical role in solving the trilemma of affordable, reliable, and sustainable energy to meet increasing energy demand and support the country and our customers in achieving their net zero ambitions. We're confident about where we stand today and where we're headed. Our order book remains healthy and we continue to have a solid back log of 38.1 BINR.

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Highlights:

  • Order bookings were INR 6.3 Billion up 18% compared to INR 5.4 Billion in Quarter Ended (QE) Sep 20
  • Sales revenue was INR 8.5 Billion, down 2.2%, compared to INR 8.7 Billion in QE Sep 20
  • Operating profit at INR 45.3 Million (0.5%), against operating profit of INR 320.3 Million (3.7%) in QE Sep 20
  • Loss after tax at INR 77.3 Million (-0.9%), against Net Profit of 86.1 Million (1.0%) in QE Sep 20
     
  • Key Wins in Q2, Financial Year 2021-22:
    • Multiple contracts by Bhutan Power Corporation (BPC), to build four Gas-Insulated Substations (GIS) in Bhutan on a turnkey basis. The contracts include the construction of a new 220/66/33 kV GIS substation at Chumdo, a bay extension of a 33 kV substation at Damji Gasa, the upgrade of an existing 220 kV substation at Dagapela, and a new GIS substation at Samcholing.
    • Continued order of 500 MVA 765kV Power Transformers from PowerGrid Corporation of India under the Transmission System Strengthening Scheme for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II
    • Services contract for maintenance of 400 kV Gas Insulated Substation at Kevadia in Gujarat from Sardar Sarovar Narmada Nigam Limited
    • Supply of 145 kV Gas Insulated Switchgear bays in Arunachal Pradesh and Manipur from Sidhartha Engineering Private Limited
    • 245 kV Gas Insulated Switchgear at Gandhinagar in Gujarat from Torrent Power Limited

Pitamber Shivnani, Managing Director & CEO of GE T&D India Limited, said, “The teams are managing through a challenging operating environment, including continued supply chain disruptions and continued market pressure. However, multiple contracts by Bhutan Power Corporation (BPC), to build four Gas-Insulated Substations (GIS) in Bhutan on a turnkey basis has been a real motivator for the team. With this order we have extended our reach in the Indian subcontinent. This is our second big order from the neighbouring countries after the three 400-kiloVolt (kV) Gas-Insulated Substations (GIS) order that we received in Nepal in Q4 of the last financial year. India has set a bold target of achieving carbon neutrality by 2070 including production of half of the electricity from renewable sources by 2030. This will require equal focus on upgrading India’s grid and we are committed to accelerate India’s energy transition to a clean energy future and, in the process, enable a cleaner, better world.”

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