New Delhi, Nov 10 (PTI) GE T&D India on Wednesday reported a net loss of Rs 7.73 crore in the July-September quarter against a net profit of Rs 8.61 crore in the quarter ended on September 30, 2020, a BSE filing stated.

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Total income of the company stood at Rs 851.9 crore in the quarter compared to Rs 876.63 crore in the same period a year ago.

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The company is engaged in the business relating to products, projects and systems for electricity transmission and related activities only.

The company said during the previous year ended 31 March 2021, it made sale of one of its business premise / property having book value of Rs 25 lakh, which was earlier classified as "Assets held for sale", for a total sale consideration of Rs 45 crore, resulting in net gain of Rs 44.75 crore

Further, consequent to developments in relation to an ongoing litigation with respect to one of the properties taken on lease by the company in an earlier period and vacated later, the company has also re-assessed certain ongoing litigations in relation to other properties taken on lease in earlier years and has created a provision of Rs 41.29 crore on the basis of Company's best estimate to settle the potential liability, it stated.

Accordingly, the net amount of Rs, 3.46 crore as a result of the mentioned matters is shown as an exceptional item, it said.

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