GE Power India zoomed 19.16% to Rs 402 after the electric utility company reported a consolidated net profit of Rs 25.94 crore in Q4 FY24 as against a net loss of Rs 129.7 crore in Q4 FY23.
Revenue from operations rose by 13.43% year on year (YoY) to Rs 390.76 crore in the fourth quarter of FY24.The company has recorded a profit before tax of Rs 25.94 crore in Q4 FY24 as compared with a pre-tax loss of Rs 125.95 crore in Q4 FY23.
EBIDTA for the March 2024 quarter is 9.3%, compared to negative 29% for the March 2023 quarter. Though services business continues to grow, operational pressures and execution challenges at new build project sites still persist, stated the company.
The order backlog was at Rs 3,309 crore during the quarter ended March 2024 as against Rs 3,615.3 crore in same quarter last year.
Prashant Jain, managing director, GE Power India, said, The financial year 2023-24 witnessed a decline in orders by 19% 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%. Core Services continues to grow 40% and there is an upswing in Upgrades which includes major De Nox orders from Hindustan Zinc Limited CPP and Maithon Power Limited. The financial year overall saw reduction in losses due to a one-time positive impact of insurance and customer claims.
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The fourth quarter continued to witness slower conversion of FGD and Hydro opportunities. On the other hand, this quarter continued to be strong for our Services business which led the revenue going up by 14% vs. Q4 of the previous year.
GE Power India is one of the leading players in the Indian power generation equipment market. Hydro and Gas business are also housed in the company in addition to Steam Power. The company offers a comprehensive portfolio of power generation solutions with a focus on emissions control and services portfolio providing sustainable, affordable and reliable electricity.
GE Power India hit a 52-week high of Rs 404.80 in todays intraday session.
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