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ICICI Securities Report
GE T&D India Ltd. witnessed 2.2% YoY decline in revenues to Rs 8.5 billion during Q2 FY22, impacted by lockdown.
Order inflow for the quarter improved 18% YoY to Rs 6.3 billion due to pick-up in order activity in the neighboring countries.
Current orderbook is at Rs 41.5 billion (1.2 times trailing twelve months sales), which provides growth visibility.
Higher commodity costs and muted execution impacted the Ebitda margin in Q2 FY22, but this is expected to normalise with improvement in execution.
Net debt during the quarter increased by Rs 600 million due to higher cash outflow impacting earnings.
Localisation impetus is expected to support long-term gains in market share for GE T&D India.
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