The Genus power stock has corrected sharply by 64% from its high of Rs86. The stock is trading at 11.6x and 10.4x FY19E and FY20E earnings respectively. We value the stock at 15x FY20E and arrive at a price target of Rs 40 (Unchanged)....

The company had an order book of Rs 9.7 bn at end of Q1FY19, which would have increased substantially on account of two major order wins, 1) Supply of 5 mn single phase Prepaid meters, valued at Rs 6.5 bn and 2) Supply of Advanced Metering Infrastructure (AMI) including 4.31 Iakhs smart meters. The value of the order is pegged at Rs. 3.1 bn (net of tax). However, pricing pressure likely to continue as the government aims to...

We recently met the management of Genus Power (GPIL). The management was very positive on the demand outlook for meters. Our interaction with other industry players also corroborates this view. After the order win of smart meters in Q3FY18, news-reports indicate that GPIL is the lowest bidder in prepaid meter tender. Based on robust demand outlook, we project strong revenue and earnings growth. We reiterate BUY...

In 3QFY17, net sales were at `1,862.6mn up 41.2% q/q. This was mainly due to increase in meter sales. While, y/y there was a decline of 9.8% due to change in business model. EBITDA margin contracted by 330 bps q/q to 12.3% due to increased other expenses during the quarter. The other expenses increased mainly due to higher contribution from ECC segment (capital intensive) during this quarter The other expenses and staff cost y/y increased by 42.2% and 11.1% respectively, where raw material expenditure y/y decreased by 16.5%. Depreciation stood at `39.7mn (+12.2% y/y; +3.1% q/q). Interest expense stood at `57.5 mn (-10.3% q/q;...

Net sales stood at 1,319mn decreased by 29.6% % q/q mainly due to decrease in meter sales .while y/y it decline by ~35.4% due to change in business model. EBITDA margin decreased by 110 bps q/q to 15.6% % due to with change in product mix during the quarter i.e. low margin meter business contribution remained higher. The raw material cost and staff cost q/q decreased ased by 32% and 6.8% respectively....

Genus power has reported 1QFY17 results. PAT was in-line line with our expectation - mainly due to change in product mix (meter contribution remained higher) coupled with lower other...

Genus Power Infrastructures Limited, an ISO 9001 & 14001 certified company is an integral part of the US $400 million Kailash group. Pioneer in Smart Metering Solutions and ECC turnkey projects, Genus is equipped with avant- grade manufacturing facilities, complete forward and backward integration from plastic parts to final products, automated SMT lines, Lean Assembly techniques and a team of highly qualified and...

Genus power has reported 4QFY16 results. PAT was below our expectation - mainly due to change in product mix (lower segment meter contribution remained higher) coupled with higher expenses incurred in ECC segment during the quarter. Consequently,...

Genus Power manufactures High end Programmable Multi functional Smart Electronic Energy Meters with in built advanced security & anti tamper feature, AMR enabled meters, Industrial/Sub station/Agricultural/Audit Meters, Group Meters, Grid Meters, Pre-payment...