GE Vernova T&D India Limited, a prominent player in the power transmission and distribution sector, recently held its 69th Annual General Meeting (AGM), where shareholders approved several significant resolutions. The meeting saw the passage of nine resolutions, including key appointments and material related party transactions.

Re-appointment of Independent Director

One of the notable outcomes of the AGM was the re-appointment of Mr. Sanjay Sagar as an Independent Director for a second five-year term. Shareholders approved Sagar's continuation on the board from July 1, 2025, to June 30, 2030. With over four decades of experience in the energy sector, Sagar brings valuable expertise to the company. His previous tenure as Joint Managing Director & CEO of JSW Energy Ltd. from 2012 to 2017 saw the company's generation capacity double and profitability increase seven-fold.

New Secretarial Auditor

The shareholders also gave their nod to the appointment of M/s. RMG & Associates as the company's Secretarial Auditor for a five-year term from FY 2025-26 to FY 2029-30. RMG & Associates, a Delhi-based firm established in 2001, brings 24 years of experience in corporate secretarial and regulatory matters to the role.

Material Related Party Transactions

The AGM saw the approval of several material related party transactions:

1. A transaction with LM Wind Power Blades (India) Private Limited for lending to cash pool.
2. Transactions with Grid Solutions Middle East FZE for the sale of goods/material, including project-related and other services.
3. Transactions with Grid Solution SAS for the sale and purchase of goods/material and/or services, including rendering and availing of project-related and business support services.

Financial Matters

Shareholders adopted the audited financial statements for the year ended March 31, 2025, along with the reports of the Board of Directors and Auditors. Additionally, a final dividend of Rs. 5.00 per equity share (face value Rs. 2.00) was declared for the financial year 2024-25.

Other Approvals

The AGM also saw the appointment of Mr. Fabrice Aumont as a Director liable to retire by rotation and the ratification of the remuneration for M/s. Ramanath Iyer & Co., Cost Accountants, as the Cost Auditor for the financial year ending March 31, 2026.

The strong shareholder support for these resolutions, with most passing with over 99% votes in favor, reflects confidence in GE Vernova T&D India Limited's governance and strategic direction. As the company continues to navigate the dynamic power sector landscape, these approvals set the stage for its operations in the coming years.

GE Vernova T&D India Limited, a leading player in the power transmission and distribution sector, has reported stellar financial results for the first quarter, showcasing strong growth across key metrics.

Revenue Surge and Order Book Growth

The company's revenue for Q1 stood at INR 13.30 billion, marking a substantial 39% year-on-year increase from INR 9.60 billion in the same quarter last year. This growth was complemented by a robust order inflow of INR 16.20 billion, up 57% from INR 10.30 billion in the corresponding quarter last year. The strong order intake has further bolstered the company's order backlog, which now stands at INR 129.60 billion, providing a solid foundation for future growth.

Impressive Profitability and Margin Expansion

GE Vernova T&D India demonstrated remarkable improvement in profitability. The company's EBITDA margin expanded significantly by 1000 basis points to reach 29.1% for the quarter. Profit before tax and exceptional items more than doubled to INR 3.90 billion from INR 1.80 billion in the same quarter last year, reflecting the company's operational efficiency and strong execution capabilities.

Export Performance and Cash Position

Exports continued to play a crucial role in the company's performance, contributing 39% of the quarterly revenue. This diversification has not only boosted top-line growth but also positively impacted margins. The company's financial position remained strong, with positive cash flow generation of INR 1.70 billion during the quarter. Cash and cash equivalents increased to INR 12.20 billion from INR 10.50 billion as of March, providing ample liquidity for future investments and operations.

Strategic Focus and Future Outlook

Sandeep Zanzaria, CEO and MD of GE Vernova T&D India, commented on the results, stating, "We had a productive strong quarter of robust demand, significant revenue growth and EBITDA margin expansion. Our order book remains strong, and we are uniquely positioned to power India's electrified future."

The company maintains a positive outlook on upcoming opportunities, particularly in the HVDC segment. Management expects both the South Olpad-Khavda and Barmer-South Kalamb HVDC projects to be finalized during the current financial year, potentially adding significant value to the order book.

Capital Allocation and Shareholder Returns

In line with its commitment to shareholder value creation, GE Vernova T&D India has announced a capex plan of INR 2.50 billion to enhance its manufacturing capabilities. Additionally, the company has proposed a dividend of INR 1.30 billion, subject to shareholder approval, demonstrating its focus on balancing growth investments with returns to shareholders.

Conclusion

GE Vernova T&D India's Q1 results reflect the company's strong market position, operational excellence, and ability to capitalize on the growing demand in the power transmission and distribution sector. With a robust order backlog, improving profitability, and strategic investments in capacity expansion, the company appears well-positioned to sustain its growth trajectory in the coming quarters.

As GE Vernova T&D India continues to navigate the evolving energy landscape, its focus on operational efficiency, export growth, and strategic project execution positions it as a key player in India's power infrastructure development.