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GE Power India on Wednesday posted a consolidated net profit of ₹25.94 crore in March 2024 quarter on the back of higher revenue.
The company had reported a loss of ₹129.70 crore in the quarter ended on March 31, 2023, a BSE filing showed.
Total income of the company rose to ₹469.89 crore in the latest fourth quarter from ₹359.43 crore in the same period a year ago.
The reporting quarter ended with an order backlog of ₹3,309 crore, down 8.5 per cent compared to ₹3,615.3 crore in March 2023, a statement said.
The company's consolidated net loss narrowed to ₹171.33 crore in fiscal 2023-24 from ₹440.58 crore in 2022-23 as per the filing.
Total income for the year was ₹1,765.65 crore, down by 6.3 per cent, compared to ₹1,884 crore in the year ended March 2023, the statement said.
Prashant Jain, Managing Director, GE Power India, said in the statement, "The financial year 2023-24 witnessed a decline in orders by 19 per cent over the previous year due to lower order intake in hydro and delay in FGD ordering with an impact on backlog reduction and revenue lower by 10 per cent."
However, Jain stated that core services continue to grow 40 per cent and there is an upswing in upgrades, which include major De Nox orders from Hindustan Zinc Limited CPP and Maithon Power Limited.
- Also read: GE Power withdraws insolvency petition against BHEL; latter assures ₹25-crore payment within a month
The financial year overall saw a reduction in losses due to a one-time positive impact of insurance and customer claims, Jain informed.
The fourth quarter continued to witness slower conversion of FGD and hydro opportunities, he said, adding that on the other hand, this quarter continued to be strong for our services business, which led the revenue going up by 14 per cent from Q4 of the previous year.
The GE Power India Limited (GEPIL) is one of the leading players in the Indian power generation equipment market. Hydro and gas business are also housed in GEPIL in addition to steam power.
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