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India Ratings said that the ratings are supported by the significant improvement in ITL's revenue during FY22-FY25, backed by strong demand for transformers and increased realisations.
Additionally, the ratings factor in the company’s healthy EBITDA margins, comfortable credit metrics and promoters’ more than three decades of experience in the transformer industry. However, the ratings are constrained by volatility in raw material prices and the working capital-intensive nature of operations.
The agency further said that a a substantial improvement in the scale of operations, along with maintaining the liquidity position and the credit metrics, all on a sustained basis, could be positive for the ratings.
However, any significant deterioration in scale of operations and/or large unanticipated debt-funded capex along with any substantial cash outflow to group entities, resulting in deterioration in the liquidity position and credit metrics, with the interest coverage falling below 4x, on a sustained basis, could be negative for the ratings.
Indo tech Transformers (ITL) manufactures electrical transformers. Its product portfolio comprises power and large power transformers up to 200 MVA/ 230 KV and distribution transformers up to 5MVA/33KV. The company’s production facilities are located at Kancheepuram and Chennai, Tamil Nadu, with an aggregate installed capacity of 9684 MVA as on 31 March 2025.
The company's net profit declined 17.95% to Rs 20.98 crore despite a 17.94% increase in net sales to Rs 206.06 crore in Q4 FY25 as compared with Q4 FY24.
The scrip fell 3.19% to currently trade at Rs 2090 on the BSE today.
For the full year,net profit rose 36.32% to Rs 63.88 crore in the year ended March 2025 as against Rs 46.86 crore during the previous year ended March 2024. Sales rose 21.58% to Rs 611.78 crore in the year ended March 2025 as against Rs 503.21 crore during the previous year ended March 2024.