Genus Power Infrastructures (530343) Q3 23/24 earnings summary

Executive summary

• Seven orders secured since July 2023 totaled ~INR 16,185 crore net of taxes for ~1.82 crore smart prepaid meters; Q3 order inflow was ~INR 9,522 crore.

• Executable order book stood at INR 20,162.59 crore net of taxes as of Dec. 31, 2023, supporting revenue visibility in FY25 and FY26.

• Q3 FY24 standalone revenue rose 28.9% YoY to INR 258.3 crore and PAT increased 16.1% to INR 13.5 crore; consolidated results recorded a net loss of INR 992.44 lakh, mainly due to associate losses.

Financial highlights

• Q3 FY24 standalone EBITDA was INR 27.2 crore, up 32.7% YoY; PBT rose 31.6% to INR 21.7 crore.

• 9M FY24 revenue increased 28.4% YoY to INR 778.3 crore; EBITDA rose 50.0% to INR 77.5 crore.

• 9M consolidated PBT was INR 9,412.38 lakh and net profit INR 6,231.76 lakh, versus INR 5,428.97 lakh and INR 4,026.01 lakh in 9M FY23.

• Q3 consolidated net loss was INR 992.44 lakh, including INR 986.33 lakh share of associate losses; Q3 FY23 had net profit of INR 2,179.25 lakh.

Outlook and guidance

• FY25 revenue guidance was ~INR 2,500 crore, with EBITDA margin guidance of 15%–16%; Q4 FY24 revenue guidance remained INR 400 crore.

• New-order execution generally begins 6–9 months after award formalities; the current order book has a 27–30-month execution cycle.

• Full-throttle execution was expected from Q3 FY25, with execution improving each quarter over the next 8–10 quarters; FY26 execution was expected to exceed FY25 substantially.

• Steady FY25 order inflow was expected, though tendering could slow as states assess early project results.