GE Power India reports Rs 112 cr Q2 loss, income dips to Rs 460 cr

GE Power India on Monday reported a consolidated net loss of Rs 112.57 crore in the September quarter.

The company had reported a consolidated net profit of Rs 39.33 crore in the quarter ended September 30, 2021, the company said in a regulatory filing.

Total income of the company dipped to Rs 460.08 crore in the quarter under review from Rs 790.31 crore in the same period a year ago.

The quarter ended with an order backlog of Rs 4,095.8 crore, a statement said.

"The second quarter of the financial year 2022-23 was mixed. The quarter was impacted as the company reported negative earnings growth, however, GEPIL is making progress in delivering on the business strategy to grow services, ensure the right mix of EPC & EP projects and grow industrial and private customers," said Prashant Jain, Managing Director, GE Power India.

He said orders in the Services business segment are up by 42 per cent compared to the corresponding period of last year combined with good profitability.

"We continue to face headwinds from lower volume as well as inflation impacting margins, which we are working to recover along with cost reduction efforts," he added.

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