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ICICI Securities Report
Genus Power Infrastructures Ltd. reported a healthy set of Q1 FY25 numbers with its revenue growing to Rs 4.1 billion, up 60% YoY. Gross margins improved markedly to 44.4% (versus 34.6% YoY) owing to stable raw material pricing.
As a result, with significant growth in execution, Ebitda margin expanded to 15.3% (versus 10.9% YoY) and Ebitda grew 2.3 times YoY to Rs 630 million. As a result, profit after tax more than doubled to Rs 420 million.
Order book remains robust at Rs 215 billion and its pipeline for tenders remains strong at 90–100 million meters over the next one–two years.
As a result, we maintain our 'Buy' rating on Genus with a revised target price of Rs 445, valuing the stock at 35 times FY26E earning per share of Rs 12.5/share (versus 30 times FY26E earning per share of Rs 11.5/share previously).
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