Transformers and Rectifiers (India) (532928) Q2 24/25 earnings summary

Executive summary

• Record revenue and profitability achieved in Q1 and Q2 FY25, with strong order inflow and a robust unexecuted order book; Board and auditors confirmed compliance with Indian Accounting Standards and SEBI regulations.

• Expanded product portfolio and global footprint, with exports to over 25 countries and new orders from major international clients.

• Strategic focus on consolidation, expansion, and sustainable profitability, with new capacity for renewable energy transformers and backward integration initiatives coming online from December 2024.

Financial highlights

• Q2 FY25 consolidated revenue was ₹46,154 lakh, up 75% YoY; standalone revenue was ₹44,593 lakh, up from ₹31,159 lakh in Q1 FY25; H1 FY25 consolidated revenue at ₹78,354 lakh.

• Q2 FY25 standalone EBITDA reached ₹7,565 lakh, up 260% YoY, with margin at 16.53%; PAT was ₹4,218 lakh, up 1272% YoY, with PAT margin at 9.22%.

• Q2 FY25 consolidated net profit was ₹4,591 lakh, up from ₹2,083 lakh in Q1 FY25 and ₹189 lakh in Q2 FY24; basic EPS (consolidated) for Q2 FY25 was ₹3.04.

• Q1 FY25 standalone revenue was INR 311 crore, up 103% YoY; EBITDA at INR 42.53 crore, up 633% YoY, with a margin of 13.65%.

• Q1 FY25 consolidated PAT stood at INR 20.87 crore, up 268% YoY; EPS margin at 6.4%.

Outlook and guidance

• FY25 revenue guidance maintained at INR 2,000 crore with 14% EBITDA margin; three-year target of INR 4,500–5,000 crore revenue and 16–17% EBITDA margin; targeting $1 billion revenue in the next three years.

• First phase of new 15,000 MVA capacity to be operational from January 2025; fabrication unit to start by March 2025.

• Export order book targeted to reach 25% by FY26, with significant expansion in Europe and the US.