GE Power India loss narrows to Rs 59 cr in June quarter – EQ Mag Pro
New Delhi : GE Power India’s loss narrowed to Rs 59.02 crore in the April-June quarter of 2022-23 from Rs 114.99 crore in the quarter ended on June 30, 2021, according to a regulatory filing.
Total income of the company was Rs 520.02 crore in the June quarter compared to Rs 551.20 crore in the same period a year ago. Expenses were Rs 583.33 crore in the June quarter, down from Rs 703.84 crore in the same period in 2021.
Prashant Jain, Managing Director, GE Power India, said, “Orders are up this quarter by 380 per cent driven by a hydro order, Saundatti. This win is helping GEPIL’s backlog to recover. Though overall service orders are down in the quarter due to upgrade orders getting deferred, our core service orders are up by 18 per cent with improved profitability.” The company’s active opportunities pipeline remains strong in terms of FGD (flue gas desulfurization) and services opportunities.
Over the past two years and aligned with the strategy, services revenue grew by 27 per cent despite overall lower revenue driven by lower order intake in FGDs, execution challenges and backlog runoff in boilers, Jain informed.
“We continue to have headwind from lower volume as well as inflation which is impacting margins. We are continuously working on margin recovery”, he stated.
The board in its meeting held on Tuesday also accorded in-principle approval for exploring and considering acquisition of up to 100 per cent stake in GE Steam Power S AND E Africa Proprietary Limited from GE Steam Power S&E Africa Pty Ltd (a related party) to explore potential opportunities in compliance with applicable laws and charter documents.
GE Power India’s operations include engineering, procurement, manufacturing, construction and servicing of power plants and power equipment.
Source: PTI
