GE Power India Ltd.
Q4FY22 Quarterly Result Announced for GE Power India Ltd.
GE Power India announced Q4FY22 results:
- Total income for the quarter was Rs 6,188.7 million down by 34.2%, compared to Rs 9,411 million in Quarter Ended (QE) 31 March 2021.
- Loss before exceptional items for the quarter at Rs 704.6 million against Profit before exceptional items of Rs 330.0 million in Quarter Ended (QE) 31 March 2021.
- The loss for the quarter includes an exceptional item of Rs 749.2 million.
- The Quarter Ended (QE) with Order backlog of Rs 37,761 million
- Total income for the year ending 31 March 2022 was Rs 27,587.0 million down by 19.9% compared to Rs 34,446.9 million in year ended 31 March 2021
- Loss before exceptional items for the year ended 31 March 2022 is Rs 1,482.5 million against profit before exceptional items of Rs 1,313.5 million in year ended 31 March 2021.
- The loss for the year includes an exceptional item of Rs 1,452.1 million
Prashant Jain, Managing Director, GE Power India Limited said, “We had tough financial year due to Covid, inflation, customer delays and lower volume. That said, we continued to make progress on our strategy of improving the business mix. As a result, our steam Service business grew 17% in revenues and stable orders with better margins.
I am happy to share that Steam Services order intake has grown by 36% in fourth quarter. Despite delayed projects, the Services revenue is stable and is at the same levels as the same quarter last year.
The full year revenues have been impacted by lower order volume, we have improved cash management by reducing the borrowings and continued to right size meeting the changing market dynamics. The orders on FGDs have slowed in last couple of years, we expect growth in orders over next few years.
GE Power India Limited is uniquely positioned as India is actively responding to today’s energy transition, where coal will play a significant role. We have clearly defined a path to improve upon our execution challenges and continue to use Lean methodology to improve profitability from execution and convert orders. We have deep industry experience as well as dedicated and highly skilled team in engineering and project execution.”