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ICICI Securities Report
GE Power India Ltd. reported muted revenue growth at 25% YoY to Rs 5.4 billion in Q1 FY22 versus our estimate of Rs 7.7 billion.
Company has a robust executable orderbook at Rs 51 billion (~1.5 times trailing twelve months sales) and the order pipeline for flue-gas desulfurisation too is promising.
GE Power India took a hit of Rs 876 million due to cost overrun in the Subansiri hydro project while commodity price inflation hit the FGD segment.
Together, these two factors led to overall Ebitda loss of Rs 1.3 billion.
Factoring-in the near-term stress on margins due to the high commodity prices and the effect of cost overrun provision, we marginally cut our FY22E and FY23E earnings by 87% and 21% respectively.
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