GE T&D Q4FY17 Concall Summary

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Financial Highlights

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  • 11.5 billion worth order intake realized in the fourth quarter with a growth of 5%
  • Overall yearly growth of 28% realized in terms of order intake
  • 27% YoY growth in Sales for the fourth quarter and 23% growth over the year
  • Overall PAT growth of 71% from 270 million last year to 461 million for the quarter.
  • Total loss of 867 million was realized over the year compared to a profit of 345 million last year
  • Recommendation from Board to provide a dividend of 90% of face value (Rs. 1.8 per share)

 Perspective on T&D market

  • Holding back from fresh CAPEX
  • No new plants foreseen in the near future, especially thermal plants.
  • Impact of GST – Expecting improvements due to positive steps taken by Government of India and RBI on NPA of the banks and banking ordinance.

Discoms

  • UDAY Scheme takes care of losses
  • Pressures building up from regulatory commissions for improvement in performance and making their balance sheets self sustaining
  • Expected CAPEX for improvement of networks

Renewable Segment

  • Additional focus on Solar and Wind
  • Expected to be implemented as per plan by the Government of India and MNRE.
  • Solar tariffs are at an all-time low

Key events in last financial year

  • Successfully commissioned Pole-1 of Phase-1 of Champa 800kV HVDC project
  • Power grid project for 765 kV bay extension in Phagicommissioned at record time
  • Tata Power’s 70 MW solar project at Bhadla
  • 110kV GIS S/S in Kollam along with 16 km cable line
  • Delivered 200 units of 765kV shunt reactor
  • Commissioned greater than 1200 bays of novel Substation Automation System

Order Book

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  • First of its kind 765 kV GIS S/S for BGR Energy
  • Hardoi S/S near Lucknow for UPPTCL
  • A TATA Project, NTPC Super Thermal Power Project in Telangana, Electrical BoP of GIS and AIS
  • Power Grid
    • 765 kV, 400 kV AIS S/S extension in Jharsuguda
    • 80 MVAR 765kV Shunt Reactor supply for Champa and Gaya
    • 400 kV S/S for CSPTCL in Chattisgarh
    • Solar Power Projects like ReNew Power and Inox

Future Strategic perspective

  • Consolidation and Cost Optimization of T&D business
  • Penetration into newer areas of demand with high margin businesses
  • Leveraging opportunities on Tier-2 countries and neighboring countries like Nepal, Bhutan, Sri Lanka, and Bangladesh etc.
  • Moving into Renewable sector, which is a promising prospect in India

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