Buy Genus Power Infrastructures, target price Rs 185: ICICI Securities

ICICI Securities has buy call on Genus Power Infrastructures with a target price of Rs 185. The current market price of Genus Power Infrastructures is Rs 163.8.

Genus Power Infrastructures, incorporated in the year 1992, is a Small Cap company (having a market cap of Rs 4202.67 Crore) operating in Electric/Electronics sector.

Genus Power Infrastructures key Products/Revenue Segments include Electronic Energy Meters, Other Services, Export Incentives, Income From Contracts and Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 180.06 Crore, down -18.81 % from last quarter Total Income of Rs 221.77 Crore and down -10.19 % from last year same quarter Total Income of Rs 200.49 Crore. Company has reported net profit after tax of Rs -11.41 Crore in latest quarter.

Investment Rationale
Genus Power Infrastructure (Genus) has entered into the big league by: a) striking a marquee deal with GIC for an equity infusion of Rs5.2bn for 15% stake, and b) setting up a platform – an SPV (26% Genus and 74% GIC). This will enable Genus to participate in smart meter bids – an opportunity size of Rs300bn.

Promoter/FII Holdings
Promoters held 50.43 per cent stake in the company as of 31-Mar-2023, while FIIs owned 2.33 per cent, DIIs 5.04 per cent.