PL First Cut – GE T&D (GETD) Q1FY24
Prabhudas Lilladher Pvt Ltd
PL First Cut – GE T&D (GETD) Q1FY24 - *Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd
GE T&D (GETD) Q1FY24 Results First Cut – Strong quarterly performance; beat on all front
Result summary
✳️Sales grew 21% YoY to Rs7.2bn, (PLe 6.8bn and consensus estimate of ~Rs6.7bn), driven by strong execution.
✳️EBITDA grew 126.9% YoY to Rs508mn, (PLe Rs314mn and consensus estimate of ~Rs300mn) with EBITDA margin expanding 330bps YoY to 7.1%, mainly due to prudent cost management (employee cost as % of sales down to 12% vs 15.3% in Q1FY23 and other expenses as % of sales down to 12.6% vs 15% in Q1FY23).
✳️Adj. PAT came in at Rs282mn (vs Rs64mn in Q1FY23 and above PLe of ~Rs113mn and consensus estimates of ~Rs100mn), mainly due to strong operating performance.
✳️Order inflow grew ~68% YoY to Rs10.1bn and order book stands at Rs39.4bn (1.4x TTM revenue).
✳️At the CMP, the stock is currently trading at 74.2x/37x on FY24/25E EPS. We have Hold rating on stock with TP of Rs184. We may revise our estimates post the concall.