TD Power Systems - Management Meet Note - Nirmal Bang Institution Desk

We had a meeting with the management of TD Power Systems (TDPS) recently to get the latest business update. The management was optimistic of strong demand traction for gas engine segment and for generators (47% of FY13 revenue) in FY14, driven by healthy order book, rising penetration in export markets and strong demand traction likely in hydro generator and gas engine segments. The management expects revenue contribution from overseas markets at over 40%-45% in FY14E compared to 31% in FY13 because of rising demand traction from key geographies such as Japan, Europe and North and Central America. However, it does not expect the competitive intensity in the power project business to reduce over the next one year because of scarcity of orders.

Source : Equity Bulls

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