GE T&D India Q4 Review - Healthy Cashflow Offsets Margin Headwinds: ICICI Securities
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ICICI Securities Report
GE T&D India Ltd. witnessed 36% YoY growth in revenue to Rs 9 billion during Q4 FY21, but declined 12% QoQ.
Improvement in working capital supported net debt reduction, which reduced to Rs 1.6 billion versus Rs 4.3 billion in March 2020 and Rs 1.8 billion in December 2020.
Higher commodity prices have impacted operating margins, which reduced 60 basis points QoQ.
Current order book is at Rs 45 billion implying Rs 7 billion order intake in Q4 FY21, localisation impetus is expected to support long-term gains in market share for the company.
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