Highlights: Total income for the quarter was INR 7,903 million up by 43% in Quarter Ended (QE) 30 September 2021, compared to INR 5,512 million in Quarter Ended (QE) 30 June 2021 Profit before exceptional items for the quarter was INR 566 Million in Quarter Ended (QE) 30 September 2021, compared to INR (-) 1,526 million in Quarter Ended (QE) 30 June 2021 EBIDTA (earnings before interest, tax, depreciation and amortisation) for the Quarter Ended (QE) 30 September 2021 was 11%, compared to (-)23% for the Quarter Ended (QE) 30 June 2021. Order backlog as on 30 September 2021 was INR 44,733 million. Prashant Jain, Managing Director, GE Power India Limited said, “I wish you all a very happy, prosperous and safe Diwali! I am happy to report that the team delivered a positive performance in the second quarter. The result shows improvements in revenues and profits as compared to the last one while maintaining our focus on emissions and services business, the absolute priority for us as an organization. We are also in constant path of improving operations through lean. We are seeing a slow down on FGD orders due to the ambiguity on the implementation timelines of power plants and we are expecting a recovery on the orders from next year. On the operations side, the team continues to work towards completion of project milestones despite the challenges faced in workforce ramp-up due to Covid-19 and unprecedented rainfall in certain areas”. Result PDF
For the First Quarter (April – June 2021) Total income for the quarter was INR 5,512 million up by 23%, compared to INR 4,465 million in Quarter Ended (QE) 30 June 2020 (Loss) before exceptional items for the quarter at INR (-)1,526, compared to INR (-)226 million in Quarter Ended (QE) 30 June 2020 EBIDTA (before interest income and expense) for the Quarter Ended (QE) 30 June 21 was (-)22.5%, compared to 0.2% for the Quarter Ended (QE) 30 June 2020. The Quarter Ended (QE) with Order backlog of INR 51,086 million. Four major service orders win worth INR 150 Crore from STEAG, Tata Power, JSW Steel and Maharashtra State Power Generation Company Limited including retrofitting 2X600 MW Chinese make Boiler, upgrading steam generators to meet NOx emission norms, upgrading mill components for a steel plant and supply of LP Turbine rotor respectively. Successfully completed the customer Factory Acceptance Test (FAT) for unit-1 excitation system for Godda project 2X800MW, Adani Power. Successfully completed Factory Acceptance Test (FAT) and dispatched TG Controller for UPRVUNL Obra Unit 2 Services outage for a fly ash erosion problem in boiler backpass in unit#2 660MW Chinese fleet Adani Power Tiroda plant. Conducted annual overhauling of TG set of Unit#1 & 2 at Raipur Energen Ltd., Raikheda, for Adani Infrastructure Management Services Ltd and completed the task, five days ahead of the schedule in total. Prashant Jain, Managing Director, GE Power India Limited said, "After 10 years on being hold, we have received go ahead from the customer on the execution of our hydro Subansiri project which had a significant margin impact for the quarter. The Company also faced cost challenges in project execution for ESP and FGD projects due to commodity price rise, BOQ variations and liquidity issues with the subcontractors which were further aggravated due to COVID-19 and exodus of workforce from sites. We are working aggressively to ramp up the site operations and reduce the lead time in project execution and mitigate the margin impact. On the upside, our services growth strategy is on the right track and this quarter we have booked around 147% higher orders compared to Q1 last financial year due to some exceptional upgrade orders on oOEM fleet. We will continue to focus on emissions and services business aligned with the market dynamics while executing our backlog of INR 51,086 million”. Result PDF