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GE Power India (GEPIL) has reported a widening of its consolidated net loss on an annual and sequential basis at ₹139 crore for the October-December quarter in FY23. It had posted a net loss of ₹113 crore in Q2 FY23 and ₹34 crore in Q3 FY22.
The power equipment maker’s consolidated total income fell by 32 per cent year-on-year to ₹545 crore in Q3 FY23. However, sequentially, the income rose by 18 per cent.
GE Power India MD Prashant Jain said in a statement on Wednesday that the turnaround of GE Power India operations was taking longer than expected due, in part, to the slowdown in the flue gas desulphurisation (FGD) market.
“We are, however, seeing an uptick in the market overall for upgrades, with the market size being larger than at the same time last year, but still not at the level we were anticipating. Core Services is an area where we are seeing good progress and where we grew 12 per cent Y-o-Y,” he added.
Coal will continue to play a significant role in the foreseeable future, albeit this may change as more renewable energy sources are being added to the grid; the operating models of coal power producers will then require different services, Jain said.
GE Power ended the December quarter with an order backlog of around ₹4,020 crore. The company reported its Q3 FY23 results on Tuesday evening.
During Q3 FY23, GE Power completed the renovation and modernisation of NTPC’s Ramagundam super thermal power station unit-3, leading to efficiency improvement, carbon dioxide reduction, extra power and fuel cost savings.
Furthermore, the company signed a memorandum of understanding (MoU) with state-run NTPC for feasibility to demonstrate technologies to reduce the carbon footprint of the existing coal-fired power plants of India’s largest gencos.
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