GE T&D India Reports Strong Growth in Q4 and FY 2023-24 Financial Results

GE T&D India Limited has announced its audited financial results for the fourth quarter and full year ended March 31, 2024. The company reported significant growth across key financial metrics, reflecting a strong operational performance and a positive market outlook.

For the fourth quarter, GE T&D India Limited recorded a revenue of INR 9.1 billion, marking a 30 percent increase from the INR 7.0 billion reported in the same quarter last year. The company's EBITDA surged to INR 1,167 million (12.8 percent), compared to INR 316 million (4.5 percent) in the fourth quarter of the previous year. 

The Profit After Tax (PAT) was INR 663 million (7.3 percent), a turnaround from a loss of INR 154 million (-2.2 percent) in the Q4 of 2022-23. Additionally, order bookings reached INR 13.3 billion, up by 53 percent from INR 8.7 billion in the same period last year.

For the full financial year ended March 31, 2024, GE T&D India Limited reported a revenue of INR 31.7 billion, up 14 percent from INR 27.7 billion in FY 2022-23. EBITDA for the year was INR 3,415 million (10.8 percent), an increase from INR 1,355 million (4.9 percent) in the previous financial year. The company achieved a PAT of INR 1,811 million (5.7 percent), an improvement from a loss of INR 15 million (-0.1 percent) in FY 2022-23. 

Order bookings for the year soared to INR 57.9 billion, a 112 percent increase from INR 27.4 billion in the previous year. The board of directors has recommended a dividend of INR 2 per equity share for the financial year 2023-24, pending shareholder approval.

Key achievements in Q4 included securing multiple orders from major clients such as Power Grid Corporation of India Ltd. (PGCIL), Damodar Valley Corporation, National Thermal Power Corporation (NTPC), and various EPC players. These orders involve supply and modernization projects across India, including the renovation of substations and the supply of high-voltage equipment.

Operational highlights for the quarter featured the commissioning of transformers and reactors at several sites for PGCIL, the commissioning 20 bays of GIS at a substation for Karnataka Power Transmission Corporation Limited, and the retrofitting circuit breakers for various customers. Notable projects completed include a 400/220kV AIS for Renew Power at Koppal and a 220 kV GIS for Adani Kutch Copper Limited.

Sandeep Zanzaria, Managing Director and CEO of GE T&D India Limited, stated, "In the financial year of 2023-24, 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 and cash. The company consolidated its position on free cash flow, and the Board has recommended a dividend of INR 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," added Zanzaria.