GE Power India Posts Net Profit of Rs 37.7 Crore in Q2 Results

By Saur News Bureau/ Updated On Thu, Nov 12th, 2020

GE Power India has issued its financial results for Q2, reporting a consolidated net profit of Rs 37.37 crore, mainly on the back of higher revenues.

GE Power India has issued its financial results for the second quarter (Q2), reporting a consolidated net profit of Rs 37.37 crore, mainly on the back of higher revenues. The company had registered a consolidated net loss of Rs 22.32 crore in the corresponding quarter of the previous financial year.

The consolidated results include the results of GE Power India Ltd (GEPIL) and its subsidiary GE Power Boilers Services Ltd. The group’s business activity falls within a single operating segment – power generation equipments and related services.

According to the results declared via corporate filing on BSE, the firm stated that its total income during July-September 2020 rose to Rs 917.80 crore, compared with Rs 545.43 crore in the year-ago period.

In a statement, GE Power India Managing Director Prashant Jain said, “We have achieved positive operational and financial second-quarter results and had some significant wins in the services business.” He added that quick response from its team and timely completion of the projects have resulted in tangible customer satisfaction for all its projects.

Jain also said, “GEPIL has a strong position in the Indian power market, which continues to rely on coal for baseload power, and GE is committed to all applicable capital market regulations with respect to its majority interest in GEPIL.”

About the impact of COVID-19, the firm said that as long-term contracts represent a significant portion of the business volumes, the impact is not expected to be broad, pervasive, and long-term. The group has a strong order book of long-term projects and adequate unutilised fund-based credit limits to mitigate the impact on the group.

Further, it stated that the group has evaluated the impact of COVID-19 on the financial results and factored in the changed economic environment, wherever required, the impact of which is not significant.