Transmission companies in India are set to expand significantly, driven by increasing electricity demand and renewable energy integration. Investments in smart grid technologies and HVDC systems will improve efficiency and reliability.
Regulatory support and public-private partnerships to further support growth, while positioning these transmission companies as crucial players in India’s energy transition. In this article, we will look at GE Vernova T&D India’s financials, order book, and future plans.
Price Movement
With a market capitalization of Rs. 35,078.38 Crores, the shares of GE Vernova T&D India were trading at Rs. 1,370 on Wednesday which was down by 3.42 percent from the previous closing price of Rs. 1,418.50 per share. The 52-week high price is Rs. 2,215.70 as per BSE.
From its year high, the stock is trading at a discount of around 38.16 percent when compared to the current market price.
Q3FY25 Financials Overview
The company’s recent financial results for the December 2024 quarter reveal revenue from operations at Rs. 1,074 crores for Q3FY25, an increase of 28 percent year on year from Rs. 839 crores in Q3FY24. The Net profits increased by 191.83 percent from Rs. 49 crore in Q3FY24 to Rs. 143 crore in Q3FY25.
The EBITDA margins for the current quarter stood at 16.7 percent, an increase from 11.5 percent on a year-on-year basis. The Profit after Tax (PAT) margins jumped to 13.3 percent from 5.9 percent in the same period.
Future Plans
The company plans for a capex of around $8 to $10 million for FY26 to expand transformer production and debottleneck capacities. It aims to maintain mid-to-high-teen EBITDA margins while expected to secure around 30 percent of orders from exports.
With around Rs. 860 crore in cash reserves as compared to Rs. 276.5 as of March 2024, the company continues investing in HVDC projects, STATCOM solutions, and advanced grid technology to sustain growth in both domestic and international markets.
Business Segment & Order Book Analysis
The company recognizes its operational revenue from products, projects, and systems for electricity transmission and related services for the December 2024 quarter.
GE Vernova T&D India holds a record-high order backlog of around Rs. 10,780 crore for Q3FY25, up 72 percent year-on-year from ~Rs. 6,270 crore as of March 2024. They plan to reach Rs. 11,500 crore to 12,000 crore order book for FY25.
The Key orders include 765 kV Live Tank Circuit Breakers and Current Transformers in the substation for renewable energy, 400/33KV AIS package for a 1.4 GW Solar Plant, 765 kV Power Transformers, Shunt Reactors and Gas Insulated Switchgear for Renewable Energy evacuation, Supply of HVS products from BHEL and others.
Private players contribute around 68 percent of the order book, followed by 28 percent from Central Utilities and PSU and the remaining 4 percent from State Utilities as of Q3FY25. The Domestic Orders were 85 percent and Exports Orders constituted the remaining 15 percent for Q3FY25 order inflow.
Company Overview
GE Vernova T&D India Limited was established in 1957. They specialize in power transmission and distribution solutions. They offer a range of products which includes power transformers, circuit breakers, and gas-insulated switchgears, catering to both medium and ultra-high voltage applications.
Written by Santhosh
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