Latest News | GE Power India Mar-qtr Net Up 8 Pc to Rs 16 Cr

New Delhi, Jun 22 (PTI) GE Power India on Tuesday posted a nearly 8 per cent increase in consolidated net profit to Rs 16.02 crore for the March quarter, mainly on the back of higher revenues.

The consolidated net profit of the company stood at Rs 14.87 crore in the same quarter of the previous fiscal, it said in a BSE filing.

Total income in the quarter under review rose to Rs 938.15 crore from Rs 773.65 crore earlier.

For the full fiscal 2020-21, its consolidated net profit was Rs 70.46 crore compared to Rs 84.60 crore in 2019-20.

Total income in the fiscal stood at Rs 3,445.50 crore as against Rs 2,570.79 crore in 2019-20.

The board in its meeting on Tuesday recommended a dividend of 10 per cent, that is Re 1 per equity share for the year ended March 2021.

The board also decided that the 29th Annual General Meeting (AGM) of the company will be held on August 10, 2021 through video conference/other audio-visual means.

GE Power India Ltd (GEPIL) Managing Director Prashant Jain said, "In FY 2020-21 we continue to deliver on our services new orders growth strategy and have seen YoY growth of 75 per cent in the services new orders while we continue to see a decline in fossil power demand in India."

"This is in line with the strategy to position GEPIL as a service company and focus towards margin and cash accretive business. The company has taken measures to optimize capacity and will continue to focus on emissions, services business,” he added.

GE Power India Limited is one of the leading players in the power generation equipment market.

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