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Sunday, June 16, 2024

GE Power India reports ₹26 crore net profit in Q4 amidst increased revenue

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In Short:

GE Power India reported a consolidated net profit of ₹25.94 crore in the March 2024 quarter, rebounding from a loss in the same period last year. Total income increased to ₹469.89 crore. The company’s order backlog decreased to ₹3,309 crore. Despite challenges in hydro orders, core services are growing. The company reduced losses in fiscal 2023-24 due to positive impacts and saw growth in services business.


Positive Growth for GE Power India in March 2024 Quarter

It’s always great to hear some good news, and GE Power India has certainly delivered on that front. In the latest financial results, the company reported a consolidated net profit of ₹25.94 crore for the quarter ending in March 2024. This is a significant turnaround from the loss of ₹129.70 crore reported in the same period last year.

Revenue Boost

One of the key factors driving this positive outcome is the increase in total income, which jumped to ₹469.89 crore in the latest fourth quarter from ₹359.43 crore in the previous year. This growth in revenue has certainly made a difference in the company’s financial performance.

Order Backlog & Financial Improvement

Despite a slight decrease in the order backlog, with the latest quarter ending at ₹3,309 crore, down 8.5% from the previous year, the company has managed to narrow its consolidated net loss for the fiscal year 2023-24 to ₹171.33 crore from ₹440.58 crore in the previous year.

Positive Outlook

Prashant Jain, Managing Director of GE Power India, remains optimistic about the future. He highlighted the growth in core services by 40% and noted the increase in upgrades, such as major De Nox orders from Hindustan Zinc Limited CPP and Maithon Power Limited.

Jain mentioned that while there were challenges in certain segments like FGD and hydro opportunities, the services business has been strong, leading to a 14% increase in revenue from the previous year’s Q4.

GE Power India – A Powerhouse in the Industry

It’s important to note that GE Power India Limited (GEPIL) is a key player in the Indian power generation equipment market. The company’s diverse portfolio includes hydro, gas, and steam power, positioning them as a leading force in the industry.

Overall, GE Power India’s positive financial results and strategic outlook point towards a promising future ahead. It’s great to see companies like GE Power India making strides in the market, driving growth and innovation.

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