GE Power India Limited announces first quarter FY 2020-21 Results

GE Power India Limited (GEPIL) - a GE Group Company, reported on August 11, 2020, its financial results for the first quarter 2020-21 results (1 April 2020 - 30 June 2020).

Key Financial highlights:

- Orders received for the QE 30 June 2020 were INR 5,321 million (as against INR 24,601 million for the QE 30 June 2019, which included 3 FGD Orders)

- Total income for the quarter was INR 4,465 million down 4%, compared to INR 4,671 million in Quarter Ended (QE) 30 June, 2019 and down by 42% compared to INR 7,737 million in QE 31 March 2020.The loss before tax was INR 226 million for the QE against loss of INR 122 million for QE 30 June 2019.

- EBIDTA (before interest income and expense and depreciation) for the three months ended 30 June, 2020 was 0.1% compared to 0.2% for the three months ended 30 June, 2019

- The quarter ended with backlog of INR 74,980 million (as against INR 73,795 million at 31 March 2020) considering to the sales and orders of the quarter.

- Employee and all other expenses are in in control and line with expected quarterly trend.

- Other income for the QE 30 June 2020 is down due to Interest income (that was there in QE 30 June 2019) as the cash gets consumed toward FGD execution.

Prashant Jain, Managing Director, GE Power India Limited said, "We have realised lower revenue (compared to Budget) primarily due to COVID-19 lockdown, however since majority contracts are long-term, we expect to recover in the coming quarters with unlock as restrictions are removed.

He also added, "I am proud that we as a team have met the power generation needs of our customers during these tough times. The wins in Q1, 2020-21 are encouraging. We won an order for India's first ever Semi-Dry FGD technology in power application from Hindalco Industries Limited. We will carry out combustion system modification of the boilers along with advanced firing system to meet the NOx emission norms for UP Rajya Vidyut Utpadan Nigam (UPRVUNL), which is also the first for combustion modification for NOx control by any state utility in India.

Shares of GE Power India Ltd was last trading in BSE at Rs.491.7 as compared to the previous close of Rs. 499.05. The total number of shares traded during the day was 4746 in over 572 trades.

The stock hit an intraday high of Rs. 510.1 and intraday low of 485.1. The net turnover during the day was Rs. 2357346.

Source : Equity Bulls

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