GE Power India posts Rs 62 crore loss in Q2

financialexpress.com:

GE Power India on Thursday reported a loss of Rs 61.99 crore before exceptional items in the September quarter.

“Loss before exceptional items for the quarter at Rs (-) 619.9 million (Rs 61.99 crore), compared to Rs (-) 1,126.3 million (Rs 112.63 crore) in Quarter Ended (QE) 30 September 2022,” a company statement said.

According to the statement, the total income for the quarter was Rs 364.24 crore, down 20.8 per cent from Rs 460.07 crore in the year-ago period.

The quarter ended with an order backlog of Rs 3,699 crore, it said.

“During the second quarter of the financial year 2023-24, market conditions for our business have been consistent. We are still seeing that FGD (flue-gas desulfurisation) and Hydro PSP opportunities are converting to orders slower than anticipated,” GE Power India Managing Director Prashant Jain said in the statement.

For the upgrades segment, we continue to see the pipeline starting to convert into orders, especially in the De-NOx segment, but orders are still small and not able to balance out the gaps from FGD and New Build, he said.

The segment that continues to grow quarter-on-quarter is core services, where we have booked 40 per cent more orders QoQ, he stated.

“Our revenue is down 17 per cent versus Q2 of the previous year, which is again mainly due to lower orders in previous quarters as well as project delays. Regarding claims settlement, we are continuing our efforts, but the procedure remains long drawn and time-consuming,” he said.

GE Power India is a leading player in the power generation equipment market.