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GE Power India on Wednesday said its standalone net profit fell around 20 per cent to ₹5.25 crore in the quarter ended September 30, 2018 due to higher expenses, including borrowing cost.
The company’s net profit during the corresponding quarter last fiscal stood at ₹6.56 crore, it said in a BSE filing.
Total income of the company in the quarter rose to ₹589.83 crore from ₹296.38 crore a year ago. The total expenses also increased to ₹507.27 crore from ₹283.61 crore.
Considering the current market situation, the power generating company had instituted a Voluntary Retirement Scheme (VRS) for its workmen at the Maneja (Vadodara) factory in August 2018, which was opted for by most workers. Consequently, considering viability, the plant operations were ceased from August 27, 2018, it said.
The management is exploring various options to dispose of the land and building, including machinery and equipment of the factory, it added.
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