GE Vernova T&D India Q2 PAT Rises 44% YoY

Commissioned 400 kV GIS bays at Barhabise Site in Nepal for Nepal Electricity Authority
Commissioned 400 kV GIS, 220 kV AIS bays along with 500 MVA ICTs at Babarzar in Gujarat for GETCO
Commissioned 80 MVAr 765 kV 1 ph Shunt Reactors at Bidar for PGCIL
Commissioned 110 MVAr 765 kV 1 ph Shunt Reactors at Beawar
Commissioned 220kV GIS Bays in Senegal (Bel Air) and Spain (Martorell)
Commissioned 66kV GIS Bays for Zetwerk at Narela
Commissioned 765 kV CB for BHEL PG Bikaner II and Bikaner III
Commissioned 275 MVA 765 kV 1 ph Generator Transformers for NUPPL at Ghatampur

Q2 FY26-27 Performance:

Revenue: ₹20,270 million (100.0%)
Gross Profit: ₹9,025 million (44.5%)
EBITDA: ₹5,497 million (27.1%)
Profit Before Tax: ₹5,800 million (28.6%)
Profit After Tax: ₹4,314 million (21.3%)
Taxes: ₹1,486 million (7.3%)

H1 FY26-27 Performance:

Revenue: ₹38,631 million (100.0%)
Gross Profit: ₹16,616 million (43.0%)
EBITDA: ₹10,105 million (26.2%)
Profit Before Tax: ₹10,671 million (27.6%)
Profit After Tax: ₹7,944 million (20.6%)
Taxes: ₹2,728 million (7.1%)

YoY Comparison Q2:

Revenue increased from ₹15,385 million in Q2 FY25-26 to ₹20,270 million in Q2 FY26-27 (32% growth)
PAT increased from ₹2,995 million in Q2 FY25-26 to ₹4,314 million in Q2 FY26-27 (44% growth)

Cost Structure Q2 FY26-27:

Cost of Goods Sold: ₹11,245 million (55.5% of revenue)
Employee Cost: ₹1,380 million (6.8% of revenue)
Other Expenses: ₹2,148 million (10.6% of revenue)
Finance Cost: ₹78 million (0.4% of revenue)
Depreciation: ₹122 million (0.6% of revenue)
Other Income: ₹503 million (2.5% of revenue)

Supply of 400 kV Generator Transformers and 420 kV GIS package for 1,500 MW pumped storage hydro project in Maharashtra
Supply of 800 kV and 420 kV GIS packages for transmission project in Andhra Pradesh
Supply of 400 kV Reactors and 420/220 kV GIS package for TBCB transmission project in Himachal Pradesh
Supply of 765 kV shunt reactors (110 MVAR & 80 MVAR) for TBCB transmission project in Andhra Pradesh
Multiple orders for export of AIS/GIS equipment to North America, Europe, Middle East and Africa
Multiple orders for supply of Grid Automation packages from state utilities, EPCs for transmission and data center projects

H1 FY26-27 cash generation before dividend payment: ₹10.1 billion
Available cash equivalents: ₹32.5 billion (includes lending to LM Wind Power Blades (India) Private Limited as part of Cash Pool arrangement)
Dividend payment during H1: ₹2,560 million

Approvals Lapsed:

Grid Solutions Middle East FZE: Sale of goods/material including project related services (₹9,000 MINR) - Major anticipated order on hold
Grid Solutions SAS: Sale of goods/material including project related services (₹22,000 MINR) - Major anticipated order on hold

Approvals Active:

GE Grid Solutions LLC: Sale and purchase of goods and/or services including project related services (151 M$) - Order under negotiation

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