GE Power India has turned profitable with a marginal net profit of Rs 37 lakh in December 2023 quarter, supported by a fall in expenses.
GE Power India announces a net profit of Rs 37 lakh in Q3, a significant improvement from last year's loss of Rs 139.9 crore, despite a slight dip in income.
GE Power India has turned profitable with a marginal net profit of Rs 37 lakh in December 2023 quarter, supported by a fall in expenses.
It had reported a net loss of Rs 139.9 crore in the October-December period of preceding financial year, the company said in an exchange filing on Monday.
The company's total income fell to Rs 491.2 crore from Rs 544.5 crore a year ago.
Expenses trimmed to Rs 493.1 crore in the reporting quarter from Rs 563.9 crore in the same period last fiscal.
In a separate statement, the company said December quarter ended with an order backlog of Rs 3,437.4 crore, down by 14.5 per cent compared to Rs 4,019.7 crore in December 2022.
Prashant Jain, Managing Director, GE Power India, said, "In the third quarter of the financial year 2023-24, we continue to see that FGD (flue gas desulfurization) and Hydro PSP (pumped storage project) opportunities are converting to orders slower than anticipated."
The services business continues to grow with 56 per cent more orders on a quarter on quarter (q-o-q) basis. Operational pressures and execution challenges at new project sites still persist, he said.
GE is a leading energy player in the country with strong capabilities in engineering, manufacturing, project management and supply of products and solutions for power generation and transmission infrastructure requirements.
Its two firms GE Power India Limited and GE T&D India Limited are listed on the stock exchanges in India.