Genus Power Infrastructures (530343) Q1 23/24 earnings summary

Executive summary

• Q1 FY24 consolidated revenue was ₹26,111.13 lakh and net profit was ₹2,305.46 lakh, versus ₹1,194.07 lakh YoY; FY24 YTD orders secured reached INR 4,400 crore net of taxes.

• The executable group order book at June 30, 2023 was ₹6,339.14 crore net of taxes; management cited an order book above INR 8,200 crore, with execution planned over 24–27 months.

Financial highlights

• Consolidated total income was ₹28,014.33 lakh and profit before tax was ₹3,036.51 lakh, versus ₹19,707.69 lakh and ₹1,396.58 lakh YoY.

• Q1 FY24 EBITDA was INR 29 crore, up 99.7% YoY from INR 14 crore; Q1 tax was INR 19 crore versus INR 0.6 crore.

• Standalone total income was ₹27,644.26 lakh and profit before tax was ₹2,710.37 lakh, versus ₹18,542.87 lakh and ₹231.89 lakh YoY; standalone net profit was ₹1,925.32 lakh versus ₹65.38 lakh.

• INR 19 crore of other income was attributed to fair-value gains on treasury bonds and 3PG.

Outlook and guidance

• FY24 revenue guidance is INR 1,200–1,400 crore; management expressed confidence in achieving the range and expects a multi-fold revenue increase in FY25.

• Management expects margins to improve from Q3 FY24; Q2 may remain challenging, with FY24 EBITDA margin targeted at 15%–16%, its pre-COVID level.

• A wholly owned subsidiary received a post-quarter letter of award for ₹2,209.84 crore net of taxes.

• Bihar project revenue has started gaining traction; Assam project billing is expected to commence by Q3 FY24.