TRIL Attains 100% Backward Integration, Posts Impressive Q3 FY-25 Financials

January 9, 20251018 Views Financials, Takeover, Transformers, TRIL

Transformers & Rectifiers (India) Ltd. (TRIL) [NSE: TARIL, BOM: 532928], a Gujarat-based transformer manufacturing company, has announced its financial results for Q3 FY-25. In its investor presentation for Q3 FY-25, the company mentioned that it achieved 100% backward integration.

TRIL Attains 100% Backward Integration, Acquires Controlling Stake in Gujarat’s Posco Poggenamp Electrical Steel

In its investor presentation, Mr. Jitendra Mamtora, Chairman of TRIL said that TRIL is now fully backward integrated after acquiring majority stake in Posco Poggenamp Electrical Steel Pvt. Limited which manufactures Cold Rolled Grain Oriented Steel (CRGO). This acquisition will cater to the company’s CRGO steel demand and enable it to meet both internal needs and external market demand.

CRGO steel is used for manufacturing laminated cores for transformers & reactors. In fact, CRGO contributes about 30-35% of the total raw material in a transformer.

TRIL’s Q3 FY-25 Standalone Financial Results

Transformers & Rectifiers India reported a standalone revenue of Rs. 545.31 crore for Q3 of FY-25 and a Profit After Tax (PAT) of Rs. 50.51 crore for the same period.

Transformers & Rectifiers’ Q3 FY-25 Consolidated Financial Results

YoY Comparison of TRIL’s Financials: Q3 FY-25 vs. Q3 FY-24

Comparison of TRIL’s Revenue: Q3 FY-24 vs. Q3 FY-25 vs. Q2 FY-25

On Year-over-Year (YoY) basis, the company’s revenue increased by 51.44% to Rs. 559.36 crore during Q3 of FY-25 from Rs. 369.35 crore in Q3 of FY-24. Transformers & Rectifiers’ PAT showed an impressive growth during Q3 FY-25, soaring to Rs. 55.48 crore, which is 3.53 times of the company’s Q3 FY-24 PAT of Rs. 15.72 crore.

Comparison of TRIL’s PAT: Q3 FY-24 vs. Q3 FY-25 vs. Q2 FY-25

Earnings Per Share (EPS) of the company stood at Rs. 3.67 during Q3 of FY-25 against Rs. 1.10 for Q3 FY-24.

QoQ Analysis of TRIL’s Financial Results: Q3 FY-25 vs. Q2 FY-25

Transformers & Rectifiers’ top-line increased QoQ by 21.19% from Rs. 461.54 crore reported during Q2 of FY-25. The company’s PAT also jumped by 20.85% from Rs. 45.91 crore profit earned by TRIL during Q2 of FY-25.

Transformers & Rectifiers’ Order Book and Order Inflow as of Q3 FY-25

In its investor presentation for Q3 of FY-25, the company mentioned that its unexecuted order book stood at Rs. 3,658 crore as of 31st December 2024. Also, during Q3 of FY-25, TRIL’s new order intake was Rs. 631 crore. The company mentioned in its investor presentation that TRIL has over Rs. 19,000 crore worth of inquiries under negotiation.

Considering the company’s unexecuted order book, orders for power transformers constitute 66% while reactors and special duty transformers contribute 27% and 7% respectively. As for the customer-wise break up of the company’s unexecuted order book, TRIL received 47% of its orders from industrial customers, 43% from central utilities while the remaining 10% was secured from state utilities.

About Transformers & Rectifiers (India) Ltd.: TRIL was incorporated in 1994 and has its headquarters in Ahmedabad, India. It manufactures power transformers, distribution transformers, furnaces, and rectifier transformers. The company has three manufacturing facilities in Western India, namely, Moraiya, Changodar, and Odhav in Ahmedabad.