In Q1, GE Power India's loss decreased to Rs59 crore

10 Aug 2022 , 08:18 AM

According to a regulatory filing, GE Power India’s loss decreased from Rs114.99 crore in the quarter ending June 30, 2021, to Rs59.02 crore in the April—June 2022—23 quarter.

In the June quarter, the company’s total revenue was Rs520.02 crore, down from Rs 551.20 crore in the corresponding quarter last year. Expenses decreased from Rs703.84 crore in the same quarter of 2021 to Rs583.33 crore in the June quarter.

GE Power India’s Managing Director, Prashant Jain, told ET, “This quarter’s orders are increased by 380% thanks to a hydro deal from Saundatti. The backlog at GEPIL is decreasing thanks to this victory. Despite the fact that deferred upgrade orders caused a decline in overall service orders for the quarter, our core service orders increased by 18% with better profitability.”

Flue gas desulfurization (FGD) and services possibilities continue to dominate the company’s active opportunities pipeline.

According to Jain, services revenue increased by 27% over the previous two years while overall revenue declined due to lower order intake in FGDs, execution issues, and backlog runoff in boilers.

In addition, the board granted in-principal approval at its meeting on Tuesday to investigate and consider purchasing up to a 100% stake in GE Steam Power S AND E Africa Proprietary Limited from GE Steam Power S&E Africa Pty Ltd (a related party) to investigate potential opportunities in accordance with applicable laws and charter documents.

Engineering, procurement, production, building, and servicing of power plants and power equipment are all part of GE Power India’s business.