GE Power India Posts Rs 26 Crore Net Profit in Q4 FY24

New Delhi, May 22 (PTI) GE Power India on Wednesday posted a consolidated net profit of Rs 25.94 crore in March 2024 quarter on the back of higher revenue.

The company had reported a loss of Rs 129.70 crore in the quarter ended on March 31, 2023, a BSE filing showed.

Total income of the company rose to Rs 469.89 crore in the latest fourth quarter from Rs 359.43 crore in the same period a year ago.

The reporting quarter ended with an order backlog of Rs 3,309 crore, down 8.5 per cent compared to Rs 3,615.3 crore in March 2023, a statement said.

The company's consolidated net loss narrowed to Rs 171.33 crore in fiscal 2023-24 from Rs 440.58 crore in 2022-23 as per the filing.

Total income for the year was Rs 1,765.65 crore, down by 6.3 per cent, compared to Rs 1,884 crore in the year ended March 2023, the statement said.

Prashant Jain, Managing Director, GE Power India, said in the statement, "The financial year 2023-24 witnessed a decline in orders by 19 per cent over the previous year due to lower order intake in hydro and delay in FGD ordering with an impact on backlog reduction and revenue lower by 10 per cent."

However, Jain stated that core services continue to grow 40 per cent and there is an upswing in upgrades, which include major De Nox orders from Hindustan Zinc Limited CPP and Maithon Power Limited.

The financial year overall saw a reduction in losses due to a one-time positive impact of insurance and customer claims, Jain informed.

The fourth quarter continued to witness slower conversion of FGD and hydro opportunities, he said, adding that on the other hand, this quarter continued to be strong for our services business, which led the revenue going up by 14 per cent from Q4 of the previous year.

The GE Power India Limited (GEPIL) is one of the leading players in the Indian power generation equipment market. Hydro and gas business are also housed in GEPIL in addition to steam power.