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ICICI Securities Report
Genus Power Infrastructures Ltd.'s Q3 FY23 revenue was Rs 2 billion (+2.3% YoY, -8.3% QoQ) while Ebitda was Rs 205 million (-2% YoY, +21.7% QoQ).
Ebitda margin improved to 10.2% (from 7.7% in Q2 FY23) on the back of commodity price moderation leading to improved gross margin. Profit after tax at Rs 116 million was up 41.6% YoY and 14% QoQ, supported by higher other income at Rs 82 million (+98% YoY, +7.2% QoQ).
Genus Power received letter of award worth Rs 24.2 billion (net of taxes) from the state of Assam for the implementation of advanced metering infrastructure for installation and operations of 2.949 million smart meters in Jan-23. This order takes the orderbook to Rs 40.99 billion (net of taxes) from Rs 16.8 billion at Q3 FY23-end and provides good visibility for higher order execution in near-to-medium term.
We expect margin improvement to continue as commodity costs ease further and semiconductor supply chains normalise.
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