GE T&D India Q1 Review - Weak Quarterly Performance: Prabhudas Lilladher
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Prabhudas Lilladher Report
GE T&D India Ltd. reported poor quarterly performance led by lower execution and higher expenses.
Revenue was flat YoY at Rs 6.4 billion, due to closure of most of the factory for nine days due to pandemic.
Despite increase in commodity price, GE T&D India's gross margins expanded (32.3% in Q1 FY22) due to better product mix with higher contribution of product business, though it is expected to normalise at FY21 level of 26.5% with project business picking up.
Muted execution, higher freight cost, forex loss (Rs 60-70 million) and higher reimbursement expenses resulted in Ebitda margin coming in at 0.2% in Q1 FY22.
Order input came in at Rs 4.7 billion, on account of delay witnessed in order finalisation.
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