GE Power India Q3 profit down 65% at Rs 35 crore

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GE Power India on Monday reported 65 percent decline in consolidated net profit at Rs 35.09 crore for December quarter 2020-21.

The net profit in the year-ago period was Rs 100.81 crore, the company said in a BSE filing.

Total income rose to Rs 1,143.13 crore in the quarter from Rs 784.67 crore in the same period year ago.

On the impact of the pandemic it said, "The Group has evaluated the impact of COVID-19 on the financial results and factored in the changed economic environment, wherever required, the impact of which is not significant.”

The Group’s business activity falls within a single operating segment i.e. power generation equipment and related services.

"The third quarter has been positive for us with sales number being the highest in recent past, as we see site mobilization improve post COVID-19. The teams are working relentlessly to rapidly accelerate execution of projects. Their quick response and timely completion of the projects is resulting in tangible customer satisfaction for all projects,” Prashant Jain, Managing Director, GE Power India said.

The company’s board on Monday also accorded in-principle approval for the acquisition of 50 percent equity shares of GE Power Systems GmbH held in NTPC GE Power Services Pvt Ltd (50:50 joint venture between NTPC and GE Power Systems GmbH).