Industrial Machinery company GE T&D; India declares Q3FY22 result: Sales revenue for the quarter is INR 9.1 Billion, down by 11.6%, compared to INR 10.3 Billion for quarter ended Dec’20. For 9M’2021-22 revenue is INR 24.0 Billion, down by 5.7%, compared to INR 25.5 Billion of the 9M’2020- 21. Operating profit (profit before interest, exceptional items and tax) for the quarter at INR 144.1 Million, down by 77.6%, against operating profit of INR 642.1 Million in quarter ended Dec’20 For the 9M’2021-22 operating profit (profit before interest, exceptional items and tax) is INR 47.0 Million, down by 94.6%, compared to INR 873.4 Million operating profit in 9M’2020-21. Net loss after tax for the quarter is INR 1.0 Million against Net profit of INR 559.2 Million in quarter ended Dec’20 For the 9M’2021-22 net loss after tax is INR 270.9 Million compared to net profit of INR 442.1 Million in 9M’2020-21 Order bookings for the quarter is INR 5.1 Billion, down by 26.6%, compared to INR 6.9 Billion for quarter ended Dec’20. For 9M’2021-22 order booking is INR 16.2 Billion, down by 3.6% compared to INR 16.8 Billion of the 9M’2020-21 400 kV substation including supply of 400 kV reactors at Koppal in Karnataka from Renew Power Retrofitting of 400 kV Bays with latest Circuit Breakers at Jhakri from Satluj Jal Vidyut Nigam Restoration of 400 kV Gas Insulated Substation Bay at Parbati in Madhya Pradesh from National Hydro-Electric Power Corporation Limited Pitamber Shivnani, Managing Director & CEO of GE T&D; India Limited, said, “ During the third quarter of financial year 2021-22, we successfully navigated a dynamic environment delivering a solid free cash flow. We focused on our portfolio, significantly reduced debt and strengthened our operating performance through lean and decentralization. Our top line results were pressured by two dynamics that we believe are temporary. First, persistent supply chain challenges. Second, we continue to drive commercial selectivity across the board. Grid is set to play a critical role in solving the trilemma of affordable, reliable, and sustainable energy to meet increasing energy demand and support the country and our customers in achieving their net zero ambitions. We're confident about where we stand today and where we're headed. Our order book remains healthy and we continue to have a solid back log of 38.1 BINR. Result PDF
Highlights: Order bookings were INR 6.3 Billion up 18% compared to INR 5.4 Billion in Quarter Ended (QE) Sep 20 Sales revenue was INR 8.5 Billion, down 2.2%, compared to INR 8.7 Billion in QE Sep 20 Operating profit at INR 45.3 Million (0.5%), against operating profit of INR 320.3 Million (3.7%) in QE Sep 20 Loss after tax at INR 77.3 Million (-0.9%), against Net Profit of 86.1 Million (1.0%) in QE Sep 20 Key Wins in Q2, Financial Year 2021-22: Multiple contracts by Bhutan Power Corporation (BPC), to build four Gas-Insulated Substations (GIS) in Bhutan on a turnkey basis. The contracts include the construction of a new 220/66/33 kV GIS substation at Chumdo, a bay extension of a 33 kV substation at Damji Gasa, the upgrade of an existing 220 kV substation at Dagapela, and a new GIS substation at Samcholing. Continued order of 500 MVA 765kV Power Transformers from PowerGrid Corporation of India under the Transmission System Strengthening Scheme for evacuation of power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Services contract for maintenance of 400 kV Gas Insulated Substation at Kevadia in Gujarat from Sardar Sarovar Narmada Nigam Limited Supply of 145 kV Gas Insulated Switchgear bays in Arunachal Pradesh and Manipur from Sidhartha Engineering Private Limited 245 kV Gas Insulated Switchgear at Gandhinagar in Gujarat from Torrent Power Limited Pitamber Shivnani, Managing Director & CEO of GE T&D; India Limited, said, “The teams are managing through a challenging operating environment, including continued supply chain disruptions and continued market pressure. However, multiple contracts by Bhutan Power Corporation (BPC), to build four Gas-Insulated Substations (GIS) in Bhutan on a turnkey basis has been a real motivator for the team. With this order we have extended our reach in the Indian subcontinent. This is our second big order from the neighbouring countries after the three 400-kiloVolt (kV) Gas-Insulated Substations (GIS) order that we received in Nepal in Q4 of the last financial year. India has set a bold target of achieving carbon neutrality by 2070 including production of half of the electricity from renewable sources by 2030. This will require equal focus on upgrading India’s grid and we are committed to accelerate India’s energy transition to a clean energy future and, in the process, enable a cleaner, better world.” Result PDF