Metering solutions provider Genus Power Infrastructures on Friday reported a profit of Rs 0.1 crore for the June quarter, mainly on the back of higher revenues.
"PAT (profit after tax) stood at Rs 0.1 crore (in Q1 2021-22), as against net loss of Rs 3.4 crore for Q1FY'21," a BSE filing said.
Its revenue for the June quarter stood at Rs 130.4 crore as against Rs 84.0 crore in Q1FY21.
"Our operations were severely hampered primarily in the months of April and May on account of the second wave of COVID-19, which led to lockdowns across various geographies in India," the filing said.
The Board of Directors has recommended a dividend of 50 per cent (Re 0.50 per equity share) for the financial year 2020-21, subject to the approval of the shareholders.
Tender enquiries have been very robust and are at an all-time high -- with active engagement of various state DISCOMs, the company said. However, it noted that order closures have been delayed on account of COVID-19-led disruptions.
"We expect metering tenders to be rewarded during Q2 or Q3 of FY'22. As of 30th June 2021, our order book stood at Rs 978 crore (net of tax)," it added. "Our operations in Q1FY22 were severely impacted as inspections were delayed on account of disruptions caused by the second wave of COVID-19 resulting in lower dispatches to SEBs.
“Lower absorption of fixed costs on account of muted operations also eroded our operating margins, which we expect will be back to earlier levels in the second half of this fiscal year. With rising relaxation of lockdown measures along with increasing vaccinations, our operations are expected to revive sharply over the coming months," Genus Power Infrastructure Joint MD Jitendra Kumar Agarwal said.
