Genus Power Infrastructures (530343) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 growth was driven by smart-meter execution; management expected execution to accelerate from Q3 FY25 and remained confident in its FY25 revenue target.

• Executable order book was ₹31,775.53 crore, excluding taxes, as of September 30, 2024; ₹29,425.89 crore was related to Gemstar Infra AMISP orders.

Financial highlights

• Q2 FY25 consolidated revenue was ₹48,688.05 lakh versus ₹25,895.96 lakh YoY; H1 revenue was ₹90,103.83 lakh versus ₹52,007.09 lakh.

• Q2 EBITDA was ₹81 crore, up 232% YoY from ₹25 crore; EBITDA margin rose 724 bps to 16.7%, supported by operating leverage, efficiencies and cost control.

• Q2 consolidated net profit was ₹8,308.31 lakh versus ₹4,918.74 lakh YoY; standalone net profit was ₹5,825.21 lakh.

• Q2 standalone PAT included a one-time ₹11 crore arbitration settlement gain in other income.

• H1 consolidated net profit was ₹13,141.37 lakh versus ₹7,224.20 lakh; consolidated PBT was ₹17,303.95 lakh versus ₹8,792.18 lakh.

Outlook and guidance

• FY25 revenue target was ₹2,500 crore, with EBITDA margin guidance of 15%–16%; management remained confident of achieving the target.

• FY26 guidance was 50% top-line growth and 15%–16% EBITDA margins; projects require time to ramp to full-scale execution.

• Execution was expected to accelerate from Q3 FY25, with meter activity increasing from mid-November and project go-lives rising from January–February.

• Export business was expected to improve from Q4 FY25; water-meter projects may contribute significant revenue in 3–4 years.