A niche play but macro concerns cloud near term outlook
Company background
TD Power Systems is India's leading manufacturer of AC generators in the range of 1MW to 52MW for steam turbines, gas turbines, hydro turbines, wind turbines and for diesel and gas engines. The company operates basically in three segments -
1. Manufacture of AC generators up to 52MW (formed 39% of FY2011's sales).
2. Projects business- Turbine Generator projects up to 52MW (19% of sales).
3. EPC business -Boiler Turbine Generator projects of 52-150MW (42% of sales) executed by a subsidiary - DF Power Systems.
We interacted with the company's management recently to understand the business and future outlook.
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