GE Vernova T&D India Ltd on Wednesday (February 5) reported an 189% year-on-year (YoY) jump in net profit at ₹142.7 crore for the third quarter that ended on December 31, 2024 over ₹49.3 crore in Q3 FY24. The CNBC-TV18 poll had predicted a profit of ₹134 crore for the quarter under review.
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Revenue from operations increased 27.8% to ₹1,073.7 crore against ₹840 crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted revenue of ₹1,157 crore for the quarter under review.
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The company’s EBITDA jumped 84.1% to ₹179.7 crore in the third quarter of this fiscal over ₹96.5 crore YoY. The CNBC-TV18 poll had predicted an EBITDA of ₹193 crore for the quarter under review.
The EBITDA margin stood at 16.7% in the reporting quarter compared to 11.5% the year-ago quarter. EBITDA is earnings before interest, tax, depreciation, and amortisation. The CNBC-TV18 poll had predicted a margin of 16.7% for the quarter under review.
In Q3 FY25, GE Vernova reported order bookings of ₹2,080 crore, a 12% decline from ₹2,370 crore in the quarter ended December 2023.
Among the notable wins, GE Vernova received an order from Sterlite Grid — one of India’s leading private power transmission companies — for 765 kV power transformers, shunt reactors, and gas insulated switchgear (GIS). These components will be supplied, installed, and commissioned to facilitate renewable energy evacuation from the REZ in Gujarat.
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Additionally, the company secured an order from a renewable power generation company of the Jindal Group for the construction of a 400/33kV AIS substation for a 1.4 GW solar plant.
The company also bagged orders from one of India’s leading EPC groups for 765 kV live tank circuit breakers and 765 kV current transformers, which will be installed in a substation to support renewable energy evacuation. Another significant order from the same EPC group involves the supply of a 220 kV GIS for installation in a substation aimed at powering a data center in Mumbai.
Sandeep Zanzaria, Managing Director and CEO of 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 INR 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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The results came after the close of the market hours. Shares of GE Vernova T&D India Ltd ended at ₹1,716.85, up by ₹69.15, or 4.20%, on the BSE.
