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ICICI Securities Report
GE T&D India Ltd., in its Q4 FY21 earnings call, indicated recovery in the overall ordering scenario, led by tariff-based competitive bidding ordering, green energy corridor etc.
There has been easing of competitive intensity in the near term due to non-participation by Chinese companies.
Two high-voltage, direct current orders, one from Leh-Ladakh and other from Rajasthan provide medium- to long-term visibility.
The company has to manage 190 employees and Rs 100 million worth assets of GE grid solutions as majority of minority shareholders voted against the sale of this to the parent for Rs 870 million.
Factoring in margin stress, we cut earnings by 4.6% and 10.1% for FY22E and FY23E, respectively.
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