GE T&D India Ltd

GE T&D India Ltd

₹ 869 5.00%
26 Feb - close price
About

GE T&D is the listed entity of GE’s Grid Solutions business in India. It has been in the power transmission and distribution business for more than 100 years and provides a versatile range of solutions for connecting and evacuating power from generation sources onto the grid. [1]

Key Points

Product Portfolio
The company offers products for the power industry, including power transformers, circuit breakers, switchgear, instrument transformers, substation automation equipment, digital software solutions, and more. It covers medium to ultra-high voltage (1200 kV), additionally, it provides turnkey solutions for substation engineering and construction, as well as technologies like FACTS and HVDC. [1]

  • Market Cap 22,239 Cr.
  • Current Price 869
  • High / Low 872 / 98.6
  • Stock P/E 251
  • Book Value 44.3
  • Dividend Yield 0.00 %
  • ROCE 7.53 %
  • ROE -0.20 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 19.6 times its book value
  • The company has delivered a poor sales growth of -8.53% over past five years.
  • Company has a low return on equity of -3.03% over last 3 years.
  • Company has high debtors of 204 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,034 904 638 852 914 662 593 701 777 703 718 698 839
977 860 637 832 885 821 571 695 731 675 667 637 742
Operating Profit 57 45 1 20 29 -159 22 5 46 28 51 61 97
OPM % 6% 5% 0% 2% 3% -24% 4% 1% 6% 4% 7% 9% 12%
49 7 0 0 1 134 9 22 -8 -1 12 9 -4
Interest 15 8 11 14 14 -1 8 10 12 13 11 7 7
Depreciation 16 16 16 16 16 10 13 14 14 15 13 13 12
Profit before tax 75 27 -25 -10 0 -35 10 4 12 -0 39 50 73
Tax % 26% 40% 24% 20% 124% 36% 38% 35% 62% -12,692% 27% 26% 32%
56 16 -19 -8 -0 -23 6 3 5 -15 28 37 49
EPS in Rs 2.18 0.63 -0.75 -0.30 -0.00 -0.88 0.25 0.11 0.19 -0.60 1.10 1.45 1.93
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
4,139 3,152 3,524 3,711 3,303 4,052 4,332 4,219 3,159 3,452 3,066 2,773 2,957
3,705 2,890 3,211 3,379 3,197 3,996 4,057 3,765 3,354 3,282 3,155 2,652 2,721
Operating Profit 434 262 313 332 107 57 275 454 -195 171 -89 121 236
OPM % 10% 8% 9% 9% 3% 1% 6% 11% -6% 5% -3% 4% 8%
30 34 44 11 142 141 239 49 5 69 136 22 16
Interest 125 92 92 91 107 182 106 85 87 84 59 61 38
Depreciation 101 81 87 82 86 88 90 83 78 66 58 55 52
Profit before tax 238 123 177 170 56 -73 319 335 -356 89 -69 27 162
Tax % 32% 31% 34% 29% 38% -18% 35% 36% 15% 32% 29% 106%
162 84 117 121 34 -87 209 213 -303 60 -50 -1 99
EPS in Rs 6.80 3.52 4.57 4.71 1.35 -3.38 8.15 8.31 -11.82 2.36 -1.94 -0.06 3.88
Dividend Payout % 26% 51% 39% 38% 134% -53% 22% 22% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -1%
5 Years: -9%
3 Years: -4%
TTM: 8%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 26%
TTM: 181%
Stock Price CAGR
10 Years: 17%
5 Years: 25%
3 Years: 89%
1 Year: 722%
Return on Equity
10 Years: 2%
5 Years: -2%
3 Years: -3%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 48 48 51 51 51 51 51 51 51 51 51 51 51
Reserves 829 862 1,198 1,261 1,127 982 1,138 1,377 1,000 1,071 1,029 1,022 1,084
594 418 493 280 504 518 100 81 599 316 226 273 86
2,276 2,818 2,957 2,900 3,090 3,563 3,479 2,688 2,503 2,630 2,461 2,333 2,098
Total Liabilities 3,746 4,145 4,700 4,492 4,772 5,114 4,769 4,196 4,154 4,069 3,767 3,679 3,319
649 620 639 687 684 656 586 513 538 494 457 421 407
CWIP 18 54 110 70 33 25 18 5 12 22 9 9 10
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
3,079 3,472 3,950 3,735 4,055 4,433 4,165 3,679 3,604 3,554 3,302 3,250 2,902
Total Assets 3,746 4,145 4,700 4,492 4,772 5,114 4,769 4,196 4,154 4,069 3,767 3,679 3,319

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
252 412 -141 502 -91 188 1,054 -355 -260 311 8 -37
-137 -71 -119 -137 -50 -47 -306 287 -30 12 116 3
-202 -296 219 -320 120 -131 -585 -114 290 -324 -102 9
Net Cash Flow -87 45 -42 45 -20 11 163 -182 -0 -1 22 -26

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 159 199 238 211 228 205 152 175 219 201 186 204
Inventory Days 143 121 247 292 511 542 234 136 177 143 96 119
Days Payable 400 316 673 766 823 805 389 247 272 275 171 197
Cash Conversion Cycle -98 3 -188 -262 -84 -58 -4 63 125 69 111 127
Working Capital Days 70 69 93 71 77 45 -9 55 78 48 34 51
ROCE % 21% 14% 18% 16% 10% 7% 30% 31% -14% 11% -9% 8%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
0.47% 0.46% 0.29% 0.26% 0.25% 0.25% 0.27% 0.26% 0.26% 0.37% 0.59% 0.69%
15.08% 14.55% 15.10% 15.49% 15.47% 15.72% 15.70% 15.73% 15.72% 16.52% 16.18% 16.11%
9.45% 9.99% 9.61% 9.25% 9.28% 9.03% 9.04% 9.01% 9.02% 8.11% 8.23% 8.20%
No. of Shareholders 40,46443,29042,05941,14341,86240,82539,06339,12338,86538,22639,71737,443

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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