GE Power India announced Q4FY22 results: Q4FY22: 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 FY22: 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.” Result PDF
Conference Call with GE Power India Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Heavy Electrical Equipment company GE Power India declares Q3FY22 result: Total income for the quarter was INR 7,983 million up by 1%, compared to INR 7,903 million in Quarter Ended (QE) 30 September 2021 Profit before exceptional items for the quarter at INR 183 million, compared to INR 565 million in Quarter Ended (QE) 30 September 2021 EBIDTA (before interest income and expense) for the Quarter Ended (QE) 31 December 2021 is INR (- )159 million (-) 2.1%, compared to 10.9% for the Quarter Ended (QE) 30 September 2021. The Quarter Ended (QE) with Order backlog of INR 39,809 million. Prashant Jain, Managing Director, GE Power India Limited said, “This was the strongest quarter for core services in the last couple of years. We have booked orders worth 961MINR including a significant mills spare parts order for the year from NTPC Rihand. We have seen 65% growth in Q3 compared to previous quarter in core services and this was the highest quarterly intake in the FY. However, finalization of key orders in upgrades got postponed due to deferment of the customer’s outage schedule. FGD market is also looking up and customer have started to finalize the orders after clarity from MoEF on the implementation schedule. We have won an order for supply of Wet FGD in association with Apollo International for MB Power 2x600 MW contributing towards a cleaner future for the nation. In line with the General Electric Company (GE) announcement dated 21 September 2020 to pursue exit from new build coal power market intimated to Stock Exchanges (BSE & NSE) by the Company on 22 September 2020, on 08 February 2022, GE Steam Power has written to the Board of Directors of the Company conveying its intention to reduce its stake in the Company and de-promoterise within 36 months, which will be implemented in a staggered manner. Through this transition, GE intends to strengthen the Company to operate independently from GE and to achieve its long-term growth plans. With our excellent team on the ground and strong technological capabilities, I am confident that as an organization, we are in the right path of creating a lean, stronger and focused company with long-term growth and value.” Result PDF