To support the growing demand across various sectors, we are augmenting and expanding
capacity in phased manner. This strategic investment will help to enhance the production
capacity and thus the revenue.
Dear Shareholders,
It gives me great pleasure to present to you the annual performance review of Indo Tech
Transformers Limited (ITTL) for the financial year 2024-25. This has been a year marked by
strong operational traction, improved profitability, and a reinforced strategic
foundation—all built on the unwavering commitment to our core values of quality,
reliability, and precision engineering.
A Year of Momentum: Performance Review FY2024-25
FY2025 was a defining year in our journey. We recorded Gross Sales and Other Income of
,628.22 Cr, reflecting a 23% growth over the previous year. This increase was a result of
timely execution, improved product mix, and continued momentum in the core and renewable
energy segments. It also marked our highest-ever topline, positioning us among the leading
players in the segment.
Our Earnings before Depreciation, Interest, and Tax (EBDIT) stood at , 92.57 Cr,
compared to ,65.90 Cr in FY2024—registering a 41% growth, underscoring our ability to
manage scale efficiently and deliver better value through operational discipline. Profit
after Tax increased to ?63.88 Cr, a 36% rise over the previous year, reinforcing our
earnings quality and financial resilience.
Income
Rs.628.22 Cr 23%?
EBDIT
Rs. 92 57 Cr 41%?
Profit after Tax
Rs. 63.88 Cr 36%?
Earnings per Share for FY2025 were ?60.15, reflecting the strong bottom-line
performance. The Return on Net Worth improved to 23%, while the Return on Capital Employed
stood at 32%, both metrics demonstrating improved financial efficiency and resource
productivity.
We continued to maintain a healthy balance sheet. The Debt-to-Equity ratio remained
conservative at 0.03:1, with minimal dependence on fund-based borrowings. Total Assets
grew to ?435.89 Cr, and Reserves and Surplus increased to Rs. 270.13 Cr, reinforcing our
internal financial strength.
Capacity Expansion and Operational Readiness
To support the growing demand across various sectors, we are augmenting and expanding
capacity in phased manner. This strategic investment will help to enhance the production
capacity and thus the revenue. This is already yielding benefits, as it enables us to
participate in larger and more complex bids, particularly in the high-growth areas of
power generation, infrastructure, and renewables. Our diversified product
range—including Distribution and Power Transformers, Large Power Transformers, and
Skid-Mounted Substations—continued to perform well across end-use segments.
Promoter Strength and Strategic Synergies
We continue to derive strategic strength from our holding company, Shirdi Sai
Electricals Limited (SSEL), which brings nearly three decades of experience in the
transformer manufacturing and EPC space.
The association provides Indo Tech with severalsynergistic benefits such as joint
procurement, shared lead generation, and supply chain efficiencies. These synergies enable
us to procure raw materials more economically, leverage economies of scale, and remain
competitive in pricing while preserving margins.
Financial Discipline and Capital Management
Our capital structure remains robust. As of March 31,2025, the TOL/TNW ratio was 0.55
times. Our approach towards capital investment remains measured, with a planned capex of
Rs.75 crore to be implemented in the in next 2 FYs, primarily aimed at process upgrades
and infrastructure improvements. We propose to fund the capex expansion through our
internal accruals and hence our debt protection metrics is expected to remain comfortable.
Looking Ahead
The backdrop of national infrastructure expansion, grid modernisation, and growing
renewable energy deployment presents a robust opportunity landscape.
Indo Tech is well-positioned to participate in this transformation. Our focus remains
on deepening customer relationships, enhancing plant productivity, exploring export
opportunities, and strengthening our position in turnkey-ready transformer solutions. With
a strong financial base, an experienced leadership team, and a growing reputation for
engineering excellence, we are confident in our ability to deliver consistent value to all
our stakeholders.
On behalf of the Board and the entire Indo Tech family,I would like to express my
gratitude for your continued trust and support.
Warm regards,
Mr. N Visweswara Reddy
Chairman