GE Power India net loss widens to ₹139 cr in December quarter
1 min read . Updated: 15 Feb 2023, 02:10 PM IST
PremiumThe power equipment maker’s consolidated total income fell 32% year-on-year to ₹545 crore in the December quarter. Sequentially, income rose 18.4% from ₹460 crore in the September quarter.
New Delhi: GE Power India on Wednesday reported a consolidated net loss of ₹139.29 crore in the December quarter. The company had posted a net loss of ₹112.63 crore in Q2 FY23 and ₹34.57 crore in Q3 FY22.
The power equipment maker’s consolidated total income fell 32% year-on-year to ₹545 crore in the December quarter. Sequentially, income rose 18.4% from ₹460 crore in the September quarter.
Prashant Jain, managing director, GE Power India, said, “The turnaround of GE Power India Limited operations is taking longer than expected due in part to the slowdown in the FGD market. We are, however, seeing an uptick in the market overall for upgrades, with the market size being larger than at the same time last year, but still not at the level we were anticipating...Core Services is an area where there has been good progress with 12% year-on-year growth in the last quarter. We are continuing our work on further services growth, which will be a focus for the quarters to come. Also, on the core service execution side we are doing well with high productivity."
“...Coal will continue to play a significant role for the foreseeable future, albeit, as more renewable energy sources are being added to the grid, this role may change, and with that the operating models of coal power producers, which will require different services needs. Our deep industry experience as an original equipment manufacturer (OEM) as well as our dedicated and highly skilled team in engineering and project execution are enabling us to respond to our customers’ needs with the necessary speed and flexibility," he added.
GE Power India completed several key projects during the fiscal third quarter, including renovation and modernization of NTPC’s Ramagundam super thermal power station unit 3, which led to efficiency improvements, carbon reductions, extra power, and fuel cost savings.
It also implemented NOx control solutions at Vendanta and UPRVUNL Parichha, enabling them to become compliant with new emission norms.
GE Power India signed an MOU with NTPC to demonstrate technologies that could reduce carbon footprint of the latter’s coal-fired power plants.
The company received key services orders from NSPCL Durgapur for the supply of turbine blades, Saundatti IREP for the upgrade and retrofit of the excitation system, and Hindalco Hirakud unit 3&4 for the supply of the evaporator and economizer coil.
GE Power India also completed the installation of India’s first variable speed 490T rotor for Tehri PSP project in Uttarakhand, India. It completed the refurbishment of nozzle assemblies for Dai Ninh and dispatched one unit of nozzle injector bodies for the Tala project in Bhutan.