GE Power India loss narrows to Rs 129.70 cr in March quarter

GE Power India's consolidated net loss in the fiscal 2022-23 rose to Rs 440.58 crore from Rs 288.82 crore in 2021-22.

GE Power India on Friday said its consolidated net loss narrowed to Rs 129.70 crore in the quarter ended March 2023.

It had reported a consolidated net loss of Rs 179.10 crore in the year-ago period, according to a BSE filing.

Its total income in the March 2023 quarter stood at Rs 359.43 crore against Rs 618.86 crore a year ago.

The consolidated net loss in the fiscal 2022-23 rose to Rs 440.58 crore from Rs 288.82 crore in 2021-22.

The total income in the fiscal declined to Rs 1,884.03 crore from Rs 2,758.67 crore in 2021-22.

The company's (March) quarter ended (QE) with an order backlog of Rs 3,615.3 crore.

"We continue to progress on the turnaround of GE Power India Limited operations, but it is taking longer than expected due in part to the slowdown in the FGD market. The upgrade market has grown in size, but here as well conversion to orders is slower than we anticipated," Prashant Jain, Managing Director of GE Power India, said in a statement.

The segment where the company witnessed strong growth for the business in the past year is core services, he noted.

"In the quarters to come, we will continue our focus on further services growth. Our performance in core service execution has also been solid with high productivity," he added.

GE Power India Ltd (GEPIL) is one of the leading players in the Indian power generation equipment market.