PL First Cut – GE T&D (GETD) Q2FY24
Prabhudas Lilladher Pvt Ltd
PL First Cut – GE T&D (GETD) Q2FY24 – Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd
GE T&D (GETD) Q2FY24 Results First Cut –Miss on Revenue front while gross margin expands
Result summary
✳️Sales remained flat broadly at Rs7bn, (PLe 8.6bn and consensus estimate of ~Rs7.6bn), driven by continued traction in execution.
✳️EBITDA came in at Rs606mn, (PLe Rs662mn and consensus estimate of ~Rs463mn) with EBITDA margin coming at 8.7% vs 0.8% in Q2FY23, (PLe 7.7%), mainly due to better gross margins (36.6% vs 25.2% in Q2FY23- Low base).
✳️Adj. PAT came in at Rs372mn (vs Rs86mn in Q2FY23) (PLe of ~Rs376mn and consensus estimates of ~Rs189mn), mainly due to strong operating performance.
✳️Order inflow came in at Rs10.8bn and order book stands at Rs43.4bn (1.5x TTM revenue).
✳️At the CMP, the stock is currently trading at 69x/44.5x on FY24/25E EPS. We have Hold rating on stock with TP of Rs260.