Latest News | GE Power India Posts Rs 37.4 Cr Net Profit for Sept Quarter

New Delhi, Nov 11 (PTI) GE Power India on Wednesday reported a consolidated net profit of Rs 37.37 crore for the September 2020 quarter, 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, according to a BSE filing.

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Its total income during July-September 2020 rose to Rs 917.80 crore, compared with Rs 545.43 crore in the year-ago period.

The consolidated results include the results of GE Power India Ltd (GEPIL) and its subsidiary GE Power Boilers Services Ltd.

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The group's business activity falls within a single operating segment — power generation equipments and related services.

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 base load 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, it 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 impact on the group.

Further, it said 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)