The ratings continue to factor in the healthy improvement in scale and profitability at the Group level in FY2023 following the significantly higher execution of captive power plant (CPP)/engineering, procurement and construction (EPC) orders and commissioning of ~30-MW capacities under the subsidiaries. The consolidated revenue and OPBDITA were Rs. 461.4 crore and Rs. 154.3 crore, respectively, in 9M FY2023 against Rs. 155.1 crore and Rs. 73.2 crore, respectively, in 9M FY2022. The consolidated CPP/EPC order book continues to grow at a rapid pace and stood at ~Rs. 512.0 crore as of February 2023 compared with ~Rs. 350.0 crore as of May 2022. These orders are expected to be executed over the next six to nine months.
In FY2024 as well, the Group is expected to post healthy growth in revenues and profitability, led by higher execution of CPP orders and commissioning of the 26.1-MW hybrid power project.
- ICRA
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