GE Power shares down nearly 12% on wider June quarter net losses

The company in the quarter ended June 2023 had widened its net loss at Rs 135.8 crore against Rs 59 crore in the same quarter last fiscal.

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The share price of GE Power India took a nearly 12 percent beating early on August 14 after the company’s net loss widened to Rs 135.8 crore in the quarter ended June 2023 from Rs 59 crore last fiscal. Revenue was down 13.7 percent to Rs 423.6 crore from Rs 490.9 crore.

At 9:23am, GE Power India was quoting at Rs 164.05, down Rs 21.90, or 11.78 percent, on the BSE.

The company has received an order from Steag Energy Services India Private Limited for renovation and modernisation of 3 boiler of 4X600 MW thermal power plant of Vedanta Limited (End Customer) at Jharsuguda, Odisha.

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Earlier in August, it received a Letter of Intent from the Gujarat State Electricity Corporation for a Rs 440-crore project to design, engineer, manufacture, supply, pack and forward, install, commission and carry out PG testing of FGD (flue gas desulfurization) system.

The company deals with the manufacturing of power supply generation equipment and rail equipment. It has a significant presence in the transport sector in India providing railway equipment and technology solutions.