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GE T&D India Ltd Stock Analysis

Small Cap
Evaluated by 1346 users | BSE: 522275 | NSE: GET&D |
Electric Equipment

With over 100 years of presence in India, GE T&D India (formerly ALSTOM T&D India Limited) is a leading player in the Power Transmission & Distribution business with a product portfolio ranging from Medium Voltage to Ultra High Voltage...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
GE T&D India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation
 Dec'10Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 15.13%14.75%10.48%12.63%12.54%7.32%5.09%19.39%20.41%-12.13%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 4,0203,3113,1523,5243,7113,3034,0524,3324,2193,159
Y-o-Y Gr. Rt.--17.6%-4.8%11.8%5.3%-11%22.7%6.9%-2.6%-25.1%
Adjusted EPS (Rs.) 8.965.393.455.075.681.74-1.787.868.83-9.6
Y-o-Y Gr. Rt.--39.8%-36%47%12%-69.4%-202.3%NA12.3%-208.7%
Book Value per Share (Rs.) 41.929.3138.0548.7551.2146.0240.3446.4655.7741.07
Adjusted Net Profit 21412982.413014544.7-45.5201226-246
Net Op. Cash Flow (Rs. Cr.) 109202412-141502-90.91881,054-355-260
Debt to Cash Flow from Ops 8.192.351.01-3.50.56-5.542.750.09-0.23-1.89
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
GE T&D India Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales -2.6%-3.2%-8%-25.1%
Adjusted EPS -200.8%-211.1%NA-208.7%
Book Value per Share -0.2-4.30.6-26.4
Share Price -4.7% -22.8% -32.4% 31.9%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Dec'10Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 22.9317.139.2312.0211.353.59-4.1118.1217.27-19.83
Operating Profit Margin (%) 11.7710.88.849.399.553.372.856.3510.99-5.34
Net Profit Margin (%) 5.333.892.613.683.921.35-1.124.655.36-7.78
Debt to Equity 0.890.680.460.40.210.430.50.080.060.47
Working Capital Days 280287405412410428382394389522
Cash Conversion Cycle 623848547611311296104172
Entity Percentage Holding
Promoters 75.00%
Institutions 15.88%
Non-Institutions 9.12%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of GE T&D India Ltd and arrived at the following conclusion:

Past 10 year's financial track record indicates that GE T&D India Ltd is a average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of GE T&D India Ltd's performance infers:

GE T&D India Ltd earnings have declined by -211.1%, whereas share price has depreciated -22.8% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of GE T&D India Ltd share prices over the last 10 years. Here is what we found out:

GE T&D India Ltd share price has depreciated -8.5% annually over the past ten years.

With over 100 years of presence in India, GE T&D India (formerly ALSTOM T&D India Limited) is a leading player in the Power Transmission & Distribution business with a product portfolio ranging from Medium Voltage to Ultra High Voltage (1200 kV) for Power Generation, Utility, Industry and Infrastructure markets. Alstom T&D previously known as Areva T&D India, incorporated in 1957 as English Electric Company, is engaged

With over 100 years of presence in India, GE T&D India (formerly ALSTOM T&D India Limited) is a leading player in the Power Transmission & Distribution business with a product portfolio ranging from Medium Voltage to Ultra High Voltage (1200 kV) for Power Generation, Utility, Industry and Infrastructure markets. Alstom T&D previously known as Areva T&D India, incorporated in 1957 as English Electric Company, is engaged in power transmission and distribution.

In 2004 Alstom T&D joined the AREVA group, to form AREVA T&D. In 2016 the name of the company was changed to GE T&D India as the firm was taken over by US giant General Electric. GE had made an open offer following its $16.9 billion bid to acquire the global energy assets of French multinational Alstom.

Today, GE T&D is the listed entity of GE’s Grid Solutions business in India. With over 100 years of presence in India, GE T&D India is a leading player in the power transmission and distribution business. The company has a predominant presence in all stages of the power supply chain and offers a wide range of products and related services that include power transformers, circuit breakers, gas insulated switchgears, instrument transformers, substation automation equipment, digital software solutions, turnkey solutions for substation engineering and construction, Flexible AC Transmission Systems (FACTS), High Voltage DC (HVDC) and maintenance support.

Business area of the company

The company provides a versatile and robust range of solutions for connecting and evacuating power from generations sources onto the grid, providing utilities with the tools needed to support the increase in demand swiftly. GE T&D India offers products ranging from medium voltage to ultra-high voltage (1200 kV) for power generation, transmission and distribution industry.

Product Portfolio

  • Transformers
  • High Voltage Switchgear
  • Turnkey Solutions
  • Power Electronics
  • Grid Automation
  • Services
  • Software Solutions

Awards and recognitions

  • 2017-18: the service team was recognized as “Engineering Service Provider of the year” in the GMR - IGI Airport Awards 2017, for the operation and maintenance services provided by the Company at the Delhi International airport.
  • 2018-19: Recognized by Sterlite Power for high quality and before time delivery of 400/220 kV GIS substation in Kashmir - part of NRSS29 project
  • 2019-20: Customers experiencing the latest innovations in grid technology at GE’s booth during Gridtech 2019
  • 2019-20: Awarded for ‘Outstanding Contribution in the field of IOT’ at IPPAI Power Awards 2019

Milestones

  • 1878: Creation of Societe Alsacienne de Constructions Mécaniques (SACM) in France.
  • 1918: Creation of English Electric Company Ltd. (later known as GEC) in the UK.
  • 1928: SACM merges with Thomson-Houston, forming ALSTHOM SA.
  • 1983: Acquisition of Compagnie Electro-Mécanique.
  • 1986: Acquisition of Sprecher and Schuh's high and medium voltage activities.
  • 1988: Acquisition of the Relays and Instrument Transformers divisions of Schlumberger Industrie. Merger with General Electric Company (GEC) creating GEC-ALSTHOM, later known as ALSTOM.
  • 1996: Acquisition of Allegemeine Electricitäts-Gesellschaft.
  • 1998: Acquisition of CEGELEC T&D.
  • 2004: ALSTOM T&D joins the AREVA group, to form AREVA T&D.
  • 2006: Acquisition of the RITZ Group bringing high voltage instrument transformer expertise.
  • 2007: Acquisition of Passoni & Villa, a high voltage bushings manufacturer. Acquisition of VEI Power Distribution S.p.A., a medium-voltage equipment manufacturer.
  • 2008: Acquisition of Nokian Capacitors Ltd, a Finnish manufacturer with Capacitor and Static VAr Compensator expertise.
  • 2008: Acquisition of  WALTEC, a Brazilian company specialized in dry-type transformers and low and medium voltage switchgear.
  • 2009: Acquisitions of Powermann Limited and RB Watkins Inc reinforcing the global T&D Service offering.
  • 2009: Acquisition of Nxtphase Limited strengthening AREVA T&D's technological position in the Instrument Transformer market.
  • 2010: Areva T&D India has informed that the separation of its transmission and distribution business will be completed between June and September this year.
  • 2011: Areva T&D India has entered into a memorandum of understanding (MOU) with Power Grid Corpoartion of India (PGCIL) to provide ultra high voltage technology for PCGIL’s upcoming 1,200 kV UHVAC national test station at Bina in Madhya Pradesh (MP).
  • 2012: Alstom Group acquired AREVA T&D’s Transmission activities in June 2010. This changed  the business name from AREVA T&D Ltd. to Alstom T&D Ltd.
  • 2014: Alstom successfully completed tests on its high-voltage DC circuit-breaker prototype. The latest series of tests consisted of reproducing the conditions of real actual operational constraints for a high-voltage DC transmission grid.
  • 2015-16: Flag-off of 1000th unit of 800kV Current Transformer from Hosur facility.
  • 2016-17: The name of the company was changed to GE T&D India Limited from ALSTOM T&D India Limited, effective August 2, 2016, to reflect its name with that of Promoter group.
  • 2017-18: The company was awarded a 400kV/220kV/132kV turnkey gas insulated substation order by Uttar Pradesh Power Transmission Corporation Ltd. (UPPTCL) at Lucknow Hardoi Road.
  • 2017-18: The company won a contract from HPCL Mittal Energy (HMEL) for development of 400/66kV GIS MRSS (Main receiving substation) at HMEL Bhatinda refinery.
  • 2018-19: The company won a substation order from Power Grid for evacuating 2500 MW of wind power, a part of Green Energy Corridor.
  • 2019-20: The company has won 765 kV AIS S/S at Lakadia & 765 GIS S/S at Vadodara, turnkey projects from Sterlite
  • 2019-20: The company has won the first 765 kV GIS S/S at Phagi in Rajasthan from PGCIL
  • 2019-20: The company has won 765 kV AIS turnkey S/S at Khetri, Bikaner from Adani
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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