Genus Power Infrastructures (530343) Q4 23/24 earnings summary

Executive summary

• Executable order book at Mar. 31, 2024 was ₹21,006.37 crore net of taxes, including ₹18,982.15 crore linked to the Gemstar JV platform; awards since July 2023 exceeded INR 16,000 crore for over 1.82 crore smart prepaid meters.

• Management expects execution-driven growth from FY25 as projects move from setup into installation and operations.

Financial highlights

• Q4 FY24 revenue was ₹42,011.75 lakh versus ₹20,232.17 lakh in Q4 FY23, up 108% YoY; FY24 revenue was ₹120,058.25 lakh versus ₹80,838.55 lakh in FY23.

• Q4 FY24 EBITDA was INR 65.4 crore, up 104% YoY; standalone net profit was ₹3,137.33 lakh versus ₹1,247.29 lakh, while consolidated net profit was ₹2,434.74 lakh versus a ₹1,128.58 lakh loss.

• FY24 consolidated net profit was ₹8,666.50 lakh versus ₹2,897.43 lakh in FY23; standalone net profit was ₹7,517.18 lakh versus ₹3,498.42 lakh.

• Higher employee, other and financing expenses reflected investment in workforce, systems and project capabilities and weighed on Q4 profitability.

Outlook and guidance

• FY25 revenue guidance is INR 2,500 crore; management indicated operating margins of 15%-16% and expects improvement with scale and operating leverage.

• Projects typically need 6-9 months to commence and have 24-27-month execution cycles; FY26 is expected to be better than FY25, with specific guidance deferred.

• Continued order inflows are expected; L1 positions cover projects worth ~INR 11,000 crore, with opportunities across state tenders.