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ICICI Securities Report
Double whammy of all-time high commodity prices and reduced capacity utilisation due to semiconductor and other electronic component shortages continue to affect Genus Power Infrastructures Ltd.'s margins.
For Q3 FY22, revenues at Rs 1,959 million were up 16.6% YoY. However, Ebitda was down 28.2% YoY at Rs 209 million.
Ebitda margin at 10.7% witnessed 250 basis points improvement QoQ, but Genus Power Infra continued to be severely impacted by high raw material costs mainly due to execution of lower-margin orders (contracts are fixed-price in nature) and lack of operating leverage due to low capacity utilisation.
Profit after tax at Rs 82 million was down 54.1% YoY. Good order inflow during Q3 FY22 boosted the orderbook to Rs 11.6 billion versus Rs 8.8 billion at Q2 FY22-end.
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