Tag Infrastructure Growth

BHEL, JSW Energy, and JSW Infrastructure Q3 FY25 Results
BHEL,JSW Energy, and JSW Infrastructure Q3 FY25 Results, Industry Insights

Bharat Heavy Electricals Ltd: Overview 

Bharat Heavy Electricals Ltd. (BHEL) is one of India’s largest public sector engineering and manufacturing companies, primarily focused on power generation and transmission equipment. Established in 1964, BHEL has played a crucial role in the development of India’s power and industrial infrastructure. The company is headquartered in New Delhi and operates through numerous manufacturing plants, regional offices, and service centers across India and globally. BHEL is a dominant player in the power generation equipment sector, where it manufactures a wide range of products like Thermal Power Plants, Hydroelectric Power Plants, and Gas based Power Plants. The company also offers solutions for substations, transmission lines, and distribution systems, which are critical components for maintaining power grid stability. BHEL has been diversifying its product offerings and has a growing presence in the defense sector. The company manufactures radar systems, communication equipment, and other defense electronics, contributing to India’s defense capabilities. It also offers equipment and systems for aerospace applications. BHEL has a strong presence both in India and internationally, with significant exports to countries in Asia, the Middle East, Africa, and Latin America. The company has worked on major projects in countries like Algeria, Egypt, Sri Lanka, and Nepal. 

Latest Stock News 

In the Power Segment, BHEL emerged as the successful bidder for the main plant package of the 3×800 MW Telangana Stage-II supercritical thermal power plants. The company also received a Limited Notice to Proceed (LNTP) from NTPC Ltd. to begin basic engineering. In the Industry Segment, BHEL secured an order for the supply of around 800 kV, 6000 MW Khavda-Nagpur LCC HVDC Terminal Stations, along with AC transmission systems at Khavda and Nagpur, in collaboration with Hitachi Energy India Ltd. For sector-wise order receipts up to Q3 FY25, the Power Sector received Rs. 39,464 Cr, the Industry Sector received Rs. 8,328 Cr, and Exports garnered Rs. 154 Cr. Other key orders include an EPC order for the 765 kV Air Insulated Substation Package, several substation extension orders for 400 kV/765 kV ratings, and the supply of transformers for various transmission companies. Additionally, BHEL secured orders for supplying and supervising the installation and commissioning (E&C) of a 1x 80 MW STG for a chemical manufacturing company, and supplying 689 traction motors and 27 sets of traction electrics for the DETC project from Indian Railways. The company also received a development order for high-power Li-ion cells from the Vikram Sarabhai Space Centre. In the Export Market, BHEL secured an order for the supply and supervision of a 95 MW generator for Russia and an order for safety valves for a project in Costa Rica, marking its entry into the 91st country. BHEL also successfully completed the Harbour Acceptance Trials (HATs) for the first upgraded SRGM onboard INS Nilgiri. Furthermore, six BHEL units/divisions were recognized in various categories at the prestigious CII EXIM Bank Award for Business Excellence 2024. 

Q3 FY25 Earnings 

  • Revenue of ₹7277 crore in Q3 FY25 up by 32.2% YoY from ₹5504 crore in Q3 FY24.  
  • EBITDA of ₹304 crore in this quarter at a margin of 4% compared to 4% in Q3 FY24. 
  • Profit of ₹135 crore in this quarter compared to a ₹60 crore profit in Q3 FY24. 

JSW Energy Ltd: Overview 

JSW Energy Ltd is a part of the JSW Group, is one of India’s leading private-sector power generation companies. The company is engaged in the business of power generation, transmission, and distribution, focusing on renewable energy, thermal energy, and hydroelectric power. Established in 1994, JSW Energy has played a significant role in the country’s energy sector, contributing to both the conventional and renewable energy segments. JSW Energy operates a significant portfolio of thermal power plants across India. These plants primarily use coal and gas as their fuel sources. The company has thermal power plants in states like Maharashtra, Tamil Nadu, and others, with a total installed capacity that has made it one of the major players in the Indian thermal power sector. The thermal plants play a crucial role in meeting India’s increasing energy demands, particularly in industrial and urban sectors. The company has made significant investments in solar power projects and has been scaling up its renewable energy capacity in line with the Indian government’s renewable energy targets. This segment is becoming increasingly important to JSW Energy as it aligns with global trends toward sustainability and reducing carbon emissions. The company’s hydroelectric plants help in balancing the grid by providing consistent and reliable power, especially during peak demand periods. The energy sector in India is undergoing a major transformation. The country is one of the largest consumers of energy in the world, with an increasing demand for both conventional and renewable energy sources. The Indian government has set ambitious goals for renewable energy capacity, aiming for 500 GW of non-fossil fuel-based energy by 2030, which creates opportunities for companies like JSW Energy to grow its renewable energy portfolio. 

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On December 27, 2024, O2 Power signed a definitive agreement to acquire a 4,696 MW renewable energy (RE) platform, marking one of the largest RE transactions in the sector. The deal was valued at an enterprise value of ₹12,468 crores after adjusting for net current assets. Additionally, O2 Power completed the acquisition of 125 MW of wind projects from Hetero Labs and Hetero Drugs Ltd. on January 10, 2025. The company’s net generation of energy increased by 10% YoY, reaching 6.8 billion units and is driven by wind capacity additions, incremental contributions from Utkal Unit 1, and higher generation from hydro plants. As of now, the total locked-in capacity stands at 28.3 GW. During the third quarter, 377 MW of wind capacity was commissioned, bringing the total installed capacity to 8.1 GW, with 872 MW added in the first nine months of the fiscal year. In the utility-scale segment, O2 Power received a Letter of Award (LoA) for 400 MW of ISTS-connected solar capacities from NTPC in December 2024. Wind generation reached 639 million units, a 38% increase YoY, thanks to the capacity additions. Additionally, total hydro generation rose by 14% YoY to 723 million units due to improved hydrology. 

Q3 FY25 Earnings 

  • Revenue of ₹2439 crore in Q3 FY25 down by 4.09% YoY from ₹2543 crore in Q3 FY24.  
  • EBITDA of ₹914 crore in this quarter at a margin of 37% compared to 44% in Q3 FY24. 
  • Profit of ₹157 crore in this quarter compared to a ₹232 crore profit in Q3 FY24. 

JSW Infrastructure Ltd: Overview 

JSW Infrastructure Ltd is a part of the JSW Group, is one of India’s leading private-sector players in the infrastructure development sector, with a focus on ports, logistics, and related services. Established with the aim of supporting India’s growth and fostering trade and commerce, JSW Infrastructure has expanded its footprint across various parts of India and globally. The company plays a significant role in facilitating the smooth movement of goods, especially in the maritime, logistics, and port infrastructure domains. The company operates multipurpose cargo terminals, bulk terminals, and specialized terminals for handling various types of cargo such as coal, iron ore, liquid cargo, containers, and general cargo. The company has a robust logistics network that ensures seamless transportation of goods to and from the ports. JSW Infrastructure operates at key coastal and inland locations across India, with a robust network in states such as Maharashtra, Gujarat, and Odisha. It also has a growing presence in global markets, with strategic investments in key international ports and infrastructure projects. The infrastructure and logistics sector in India is growing rapidly, driven by increasing trade, industrialization, and urbanization. With the Indian economy poised to grow, the demand for world-class ports, transportation, and logistics infrastructure is expected to rise significantly. The government’s push for the development of infrastructure, especially ports and logistics under initiatives like the Sagarmala Project, presents significant opportunities for private players like JSW Infrastructure. 

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O&M contracts have been secured for two dry bulk terminals in the UAE, namely Fujairah (24 mtpa) and Dibba (17 mtpa). The strategic locations of these terminals enhance the cargo profile, reducing transportation costs. Additionally, the company’s presence on both the West and East coasts of India provides an advantageous geographic position, ensuring strong connectivity to industrial hubs and mineral-rich regions. In Q3 FY25, the total cargo handled was 29.4 million tonnes, and in 9M FY25, it reached 85.7 million tonnes, reflecting an 11% YoY growth. The cargo handling capacity at the Mangalore Coal Terminal has been increased to 8.1 MTPA from 6.7 MTPA, while the PNP Port capacity has risen to 8 MTPA from 5 MTPA. The company maintains a strong balance sheet, with a net debt of ₹827 crore, cash and bank balances of ₹4,845 crore, and gross debt of ₹5,672 crore. 

Regarding new developments, the V.O. Chidambaranar Port (Tuticorin) signed a concession agreement in July 2024 for the construction of a 7 MTPA berth to handle dry bulk cargo, with an estimated capex of ₹600 crore. At JNPA (Liquid Terminal), a concession agreement was signed in April 2024 for two liquid cargo berths with a total capacity of 4.5 MTPA, involving an estimated capex of ₹100 crore. Notably, 40% of the pipeline has been delivered, with 25% currently under installation. Other expansions include the Mangalore Container terminal, where capacity is being increased from 4.2 MTPA to 6 MTPA, requiring an estimated capex of ₹150 crore. The brownfield expansion at Jaigarh for LPG capacity, set at 2 MTPA, is estimated to require ₹900 crore in capex. Lastly, the Goa terminal expansion will boost its capacity to 15 MTPA from 8.5 MTPA through the construction of a covered shed, with an estimated capex of ₹150 crore. 

Q3 FY25 Earnings 

  • Revenue of ₹1182 crore in Q3 FY25 up by 25.7% YoY from ₹940 crore in Q3 FY24.  
  • EBITDA of ₹586 crore in this quarter at a margin of 51% compared to 50% in Q3 FY24. 
  • Profit of ₹336 crore in this quarter compared to a ₹254 crore profit in Q3 FY24. 
HUDCO Ltd Q3 FY25 Earnings
HUDCO Ltd Q3 FY25 Earnings: Strong Revenue Growth and Profit Surge in Housing and Infrastructure Financing

HUDCO Ltd: Overview 

The Housing and Urban Development Corporation Limited (HUDCO) is a public sector enterprise under the Ministry of Housing and Urban Affairs, Government of India. Established in 1970, HUDCO’s primary objective is to promote and finance the development of urban infrastructure and affordable housing in India. Headquartered in New Delhi, the company plays a critical role in supporting the government’s mission to address the nation’s housing shortage and improve urban infrastructure, it has over 21 regional offices and 11 development offices. HUDCO is a unique organization that focuses on financing housing projects and urban development across the country.  

The company works closely with state and central governments, public sector organizations, and private developers to fund projects that improve living conditions and stimulate economic growth. With a focus on providing affordable housing to low and middle-income groups, HUDCO has contributed significantly to housing development, urban renewal, and infrastructural progress. The government initiative for this industry is 1 crore houses for urban poor and middle class. The housing and urban development sector in India is witnessing rapid growth, driven by urbanization, rising income levels, government schemes, and increased demand for affordable housing. HUDCO, with its expertise and strong financial backing, is well-positioned to leverage these opportunities and continue to play a pivotal role in meeting the housing and infrastructure demands of the country. 

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HUDCO has distributed the highest-ever dividend payout of 41.5% since FY21. The company’s order book is strong, with urban infrastructure projects valued at ₹92,151 crore. In the first nine months of FY25, HUDCO raised ₹39,043.54 crore, marking a significant increase compared to ₹11,257.07 crore in the same period of FY24. Due to this substantial growth in business, HUDCO has revised its borrowing plan for FY25, increasing it from ₹40,000 crore to ₹55,000 crore. The company continues to focus on international borrowings, with initiatives including the establishment of a Global Medium-Term Note (GMTN) program for raising funds through international bond offerings. It is also exploring opportunities in other markets and considering the possibility of raising loans or bonds in USD or EURO. Additionally, HUDCO is setting up an internal control mechanism to manage currency risk. 

A significant portion of HUDCO’s loan book, approximately 98.30%, is dedicated to loans to the government and its agencies. According to CARE Edge Research, the infrastructure industry is expected to see investments of ₹52,962 billion from FY24 to FY28. Under the Pradhan Mantri Awas Yojana (PMAY) Gramin 2.0, HUDCO is playing a key role in providing counterpart funding for the state’s share, with the goal of building 2 crore additional houses, benefiting approximately 10 crore people. The total outlay for PMAY 2.0 is ₹3 lakh crore, with ₹2 lakh crore from the Centre and ₹1 lakh crore from the States. HUDCO has established a dedicated department for PMAY 2.0 and is actively framing guidelines and holding national workshops with the Ministry of Housing and Urban Affairs (MoHUA) to improve outreach and implementation. 

Business Segments 

  • Housing Finance: HUDCO’s primary business segment is housing finance, which includes funding for the construction of residential housing projects, especially for the economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG). The company provides financial assistance to individuals, government agencies, and private developers to construct low-cost housing, ensuring that affordable housing options are available across urban and rural areas. The scheme ‘Housing for All’ and collaboration with many state governments, HUDCO facilitates the creation of affordable housings. 
  • Urban Infrastructure Finance: HUDCO is actively involved in financing urban infrastructure projects. These include the development of civic amenities, transportation systems, water supply, sewage, sanitation, and electricity distribution networks in cities and towns across India. HUDCO has many projects running in urban cities. HUDCO’s role in urban infrastructure development is crucial for improving the quality of life in urban centers, facilitating sustainable urbanization, and ensuring that basic services are available to a growing urban population.  
  • Project Development & Consultancy Services: HUDCO also offers consultancy services for urban planning, architecture, engineering, and project management. The company helps design and implement urban development projects, particularly those related to affordable housing, urban infrastructure, and sustainable city planning. Consultancy is provided to the central and state governments and HUDCO’s expertise in these areas allows it to provide valuable insights and solutions to improve the urban development landscape. 

Subsidiary Information 

  • HUDCO Infrastructure Development Ltd (HIDL): HUDCO Infrastructure Development Ltd. (HIDL) is a wholly owned subsidiary of HUDCO. It focuses on the development and implementation of infrastructure projects in both the public and private sectors. It brings the gap between project planning and execution. HIDL is involved in a range of activities, including project planning, implementation, and management, with a special emphasis on urban infrastructure such as roads, water supply, sanitation, and public amenities. 
  • HUDCO Ventures Ltd: HUDCO Ventures Ltd. plays a significant role in raising funds for large-scale infrastructure projects and enhancing the reach of HUDCO’s financial services in new markets. Company explores the financial models and the partnership with housing and development sectors. It helps HUDCO partner with private developers and other public sector entities, facilitating the expansion of housing and urban development projects across India. 
  • HUDCO Rural Housing Ltd: HUDCO Rural Housing Ltd. also facilitates partnerships with state governments and local bodies to implement various rural housing schemes, providing affordable housing options and ensuring that underserved communities have access to necessary infrastructure. This subsidiary supports HUDCO’s broader mission of contributing to housing and infrastructure development at the grassroots level and helps for improving living conditions. 
  • HUDCO Securities Ltd: HUDCO Securities Ltd. is a subsidiary that manages and participates in the issuance of securities, including bonds, for financing HUDCO’s housing and urban infrastructure projects. This subsidiary helps raise capital through the issuance of long-term bonds, providing a means for HUDCO to fund various housing and urban development projects at competitive rates. 

Q3 FY25 Earnings 

  • Revenue of ₹2760 crore in Q3 FY25 up by 37.1% YoY from ₹2013 crore in Q3 FY24.  
  • Financing Profit of ₹924 crore in this quarter at a margin of -33% compared to -34% in Q3 FY24. 
  • Profit of ₹735 crore in this quarter compared to a ₹519 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2013 2760 7082 7829 
Interest  1313 1762 4507 4961 
Expenses 12 73 279 134 
Financing Profit 688 924 2296 2734 
Financing Margin 34% 33% 32% 35% 
Other Income 10 10 4 119 
Net Profit 519 735 1701 2117 
NPM 24.7% 26.6% 24.1% 27.1% 
EPS 2.6 3.7 8.5 10.6 
KEI Industries Shares Surge 11% in Q3 Results
KEI Industries Shares Surge 11% in Two Days Post Q3 Results and ₹4 Dividend Announcement

KEI Industries Ltd: Overview 

KEI Industries Ltd is a leading Indian manufacturer and supplier of cables and wires, specializing in a wide range of products, including power cables, control cables, instrumentation cables, and specialty cables. Founded in 1968 and headquartered in New Delhi, the company caters to diverse industries such as power, oil and gas, real estate, railways, and infrastructure. KEI has positioned itself as a one-stop solution provider for cables and wires, offering customized solutions that meet specific project requirements. In addition to cables, the company also manufactures stainless steel wires and provides turnkey EPC (Engineering, Procurement, and Construction) solutions, adding further value to its portfolio. With its state-of-the-art manufacturing facilities in Bhiwandi, Chopanki, Silvassa, and Pathredi, KEI ensures high-quality production and consistent supply to domestic and international markets. The company boasts a robust distribution network, covering urban and rural markets across India, and exports its products to over 50 countries, strengthening its global presence. KEI has been at the forefront of technological advancements and innovation, ensuring that its offerings align with the evolving needs of its clients and the industry. The Indian cables and wires industry is poised for significant growth, driven by rapid urbanization, increasing infrastructure development, and rising investments in the power and renewable energy sectors. Government initiatives such as ‘Make in India’ and the push for smart cities have further boosted demand for quality cables and wires. Globally, the market is witnessing a shift towards high-performance and energy-efficient cables, offering opportunities for companies like KEI to expand their product offerings and cater to the growing demand. 

Latest Stock News 

In Q3 FY25, KEI Industries saw a strong performance in its domestic institutional wire and cable sales, which rose to ₹809 crore compared to ₹556 crore in the same quarter last year. However, domestic institutional EHV cable sales dropped significantly to ₹41 crore, down from ₹184 crore in the previous year. Total institutional cable sales, including exports, contributed 44.82% of the company’s revenue during the quarter, a slight decrease from 45.42% in Q3 FY24. Despite this, total institutional sales, including exports, posted an impressive year-over-year growth of 18.22%. 

 For the nine months ended FY25, domestic institutional wire and cable sales climbed to ₹1,998 crore, up from ₹1,560 crore in the same period a year ago. Meanwhile, domestic institutional EHV cable sales declined to ₹193 crore from ₹402 crore last year. Total institutional cable sales, including exports, contributed 41.03% of revenue during 9M FY25, compared to 44.57% in 9M FY24. EPC sales, excluding cables, experienced a sharp decline of 58.94% year-over-year in Q3 FY25, with export EPC sales recorded at ₹13 crore for the quarter and ₹89 crore for the nine months of FY25. The company’s order book remained strong, with pending orders valued at approximately ₹3,871 crore. On a standalone basis, KEI’s financial charges in Q3 FY25 were ₹10.92 crore, consistent with the same period last year. 

Business Segments 

  • Cables and Wires: The cables and wires segment is the largest and most significant contributor to KEI Industries’ revenue. KEI’s cables are designed to meet the diverse and demanding requirements of industries such as power generation and distribution, real estate, oil and gas, railways, and infrastructure development. These cables are known for their superior quality, reliability, and ability to withstand extreme conditions, ensuring safety and efficiency in operations. With advanced manufacturing capabilities and adherence to stringent quality standards, KEI consistently delivers innovative cable solutions tailored to the specific needs of its clients, making it a preferred partner for various sectors. 
  • Stainless Steel Wires: KEI Industries is also a prominent manufacturer of stainless steel wires, which are extensively used across several industries, including automotive, construction, and industrial machinery. These wires are renowned for their exceptional durability, resistance to corrosion, and adaptability to diverse applications. They find applications in areas such as welding, reinforcement, and industrial equipment, providing clients with reliable solutions for critical processes. By maintaining strict quality control and continuously enhancing its product range, KEI has established itself as a key player in the stainless steel wire market. 
  • EPC Services: KEI offers turnkey Engineering, Procurement, and Construction (EPC) solutions for power transmission and distribution projects, further strengthening its position as a comprehensive solutions provider. The EPC segment includes a range of services such as cable laying, installation, testing, commissioning, and project management. This end-to-end approach allows KEI to deliver complete solutions to its clients, ensuring seamless execution and timely project delivery. KEI’s commitment to excellence in project execution has made it a trusted partner for government bodies, utilities, and private organizations involved in power and infrastructure development. 
  • Exports: KEI Industries has established a strong foothold in the global market by exporting its products to over 50 countries. The company has a significant presence in regions such as the Middle East, Africa, Southeast Asia, and Europe. KEI’s export portfolio includes a diverse range of cables and wires, designed to meet the specific needs of international clients across various industries. The export business has been a key growth driver, contributing substantially to KEI’s overall revenue. 

Subsidiary Information 

  • KEI Cables Australia Pty Ltd: This subsidiary plays a pivotal role in KEI Industries’ expansion into the Australian market. It focuses on supplying high-quality cables and wires to key industries such as mining, construction, and energy. With its robust portfolio of products and expertise, KEI Cables Australia caters to the growing demand for reliable and efficient cable solutions in the region. 
  • KEI International Ltd (Dubai): Situated in the UAE, this subsidiary enhances KEI’s presence in the Middle East, a region characterized by rapid infrastructure development and high demand for cables and EPC services. KEI International Ltd ensures that the company’s products and services are accessible to a broad range of clients, contributing significantly to the company’s growth in this key market. 
  • KEI Industries FZE (Sharjah): As a strategic hub for KEI’s export operations, this Sharjah-based entity is instrumental in providing customized cable solutions to clients across Africa, the Middle East, and nearby regions. The subsidiary focuses on meeting the unique requirements of international clients, reinforcing KEI’s commitment to delivering excellence on a global scale. 
  • KEI Europe GmbH (Germany): Headquartered in Germany, this subsidiary supports KEI’s endeavours to penetrate the European market. It specializes in providing high-performance cables and solutions tailored for industrial and infrastructure applications. By catering to the European market’s emphasis on quality and innovation, KEI Europe GmbH plays a critical role in the company’s international growth strategy. 
  • KEI Projects Pvt Ltd: This subsidiary is dedicated to executing EPC contracts, supporting KEI’s vision of offering integrated solutions for large-scale power transmission and distribution projects. KEI Projects Pvt Ltd leverages the parent company’s expertise in cables and wires to deliver comprehensive project management services, ensuring successful project completion and client satisfaction. 

Q3 FY24 Earnings 

  • Revenue of ₹2467 crore in Q3 FY24 up by 19.8% YoY from ₹2059 crore in Q3 FY24.  
  • EBITDA of ₹241 crore in this quarter at a margin of 10% compared to 10% in Q3 FY24. 
  • Profit of ₹165 crore in this quarter compared to a ₹151 crore profit in Q3 FY24. 

Financial Summary 

INR Cr. Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2059 2467 6908 8104 
Expenses 1845 2226 6206 7267 
EBITDA 215 241 702 838 
OPM 10% 10% 10% 10% 
Other income 14 14 32 49 
Net Profit 151 165 477 581 
NPM 7.3% 6.7% 6.9% 7.2% 
EPS 16.7 17.3 52.9 64.5