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Prabhudas Lilladher Report
We revise our FY25/26E earnings per share estimates by +7.0%/+31.0% factoring in healthy demand outlook and robust order book. GE T&D India Ltd. reported robust quarterly performance with 29.9% YoY revenue growth and Ebitda margin improvement of 818 bps YoY to 12.1%.
Continued focus and investment in energy transition is expected to provide significant growth opportunities in both products and projects business of GE T&D. Implementation of STATCOMs across the transmission systems to cater to the planned RE energy capacity additions along with HVDC transformers (LCC and VSC) continue to remain growth drivers.
Migration of grids from manual operations to modern architecture is expected to provide growth for company's digital offerings.
Margins are expected to improve to mid-double digits owing to implementation of lean operating system to reduce lead times, increased execution and expansion in production output.
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