GE Power India reports Rs 22 cr loss in Sept qtr

GE Power India on Monday reported a consolidated net loss of Rs 22.32 crore for the September quarter of the ongoing fiscal, mainly due to one time charges for the period.

The company had posted a profit of Rs 5.2 crore in the year-ago quarter, a BSE filing said.

The company said an exceptional item of Rs 23.62 crore one-time provision was created on re-evaluating certain liabilities pertaining to past years.

Also, the company opted to take benefit from the lowering of corporate tax rate, due to which the effective tax rates will reduce by 9.3 per cent.

While this benefits the company with lower tax from current year onward, there is one-time impact of Rs 48.02 crore, aligning the deferred tax asset that is included in the tax expense for the period, it said.

Total income declined to Rs 545.43 crore in the quarter ended on September 30, 2019 from Rs 589.76 crore a year ago.

According to the filing, the consolidated financial results include results of GE Power India (the holding company) and its subsidiary, GE Power Boilers Services.

"With a well-balanced order backlog of over Rs 9,382.4 crore, GE Power India is well poised for growth. Despite the continued operating challenges that we are facing in the Indian power market, we managed to achieve a balanced portfolio of orders," Managing Director Prashant Jain said.