GE T&D India zooms 20% on strong Q1 results, healthy order book position

The company reported net profit of Rs 61.7 crore against loss of Rs 197 crore in year ago quarter

GE T&D India is locked in upper circuit of 20% at Rs 393, also its 52-week high on BSE, after the company reported net profit of Rs 61.7 crore in June quarter (Q1FY18), on back of healthy operational growth. The company engaged in electric utilities business had posted a net loss of Rs 197 crore in Q1FY17.

Operational revenues grew 40% to Rs 1,263 crore in reporting quarter against Rs 905 crore in the corresponding quarter of previous fiscal. The company reported an operating profit of Rs 130 crore against loss of Rs 170 crore in year ago quarter.

The company said new order bookings nearly doubled to Rs 1,580 crore during the quarter. It won major orders during the first quarter of financial year 2017-18 from central, state utilities and private developers, it added.

Sunil Wadhwa, managing director of GE T&D India, said, "Company showed strong financial performance, both in terms of profitable sales and execution in this quarter, which has also been one of the best so far in terms of winning new orders. The company is well positioned with an order backlog of over Rs 8,420 crore as of June 2017 end."

The trading volumes on the counter jumped multiple folds with a combined 1.44 million shares changed hands on the BSE and NSE. There were pending buy orders for 185,248 shares on both the exchanges.