Revenue fell by 17% to Rs 354 crore in the second quarter from Rs 428 crore posted in the same period last year.

EBIDTA margin for the quarter ended (QE) 30 September 2023 was (-) 10.7%, compared to (-) 20.1% for the quarter ended (QE) 30 September 2022.

The company has recorded a pre-tax loss of Rs 62 crore in Q2 FY24 as compared with a pre-tax loss of Rs 113 crore in Q2 FY23.

GE Power said that the revenue and margin was impacted by New Build - lower order intake in FGD; Saundatti project continues to remain suspended; cost escalations due to project delays; and execution challenges at sites; and slower claim conversion.

The quarter ended with order backlog of Rs 3,699 crore.

Prashant Jain, managing director, GE Power India, said, “During the second quarter of the financial year 2023-24 market conditions for our business have been consistent. We are still seeing that FGD and Hydro PSP opportunities are converting to orders slower than anticipated.

Positive news for our factory in Durgapur is an LOI we have received for the manufacturing of Pressure Vessels. This is the first time we have received such an LOI, and when converted into an order it will increase the load of our Durgapur factory.

For the upgrades segment we are continuing to see the pipeline starting to convert into orders, especially in the De-NOx segment, but orders are still small and not able to balance out the gaps from FGD and New Build.

The segment that continues to grow quarter on quarter is core services, where we have booked 40% more orders QoQ. This once again confirms that our strategy to focus on services has been the right move for your company at this time."

GE Power India is one of the leading players in the Indian power generation equipment market. Hydro and Gas business are also housed in the company in addition to Steam Power. The company offers a comprehensive portfolio of power generation solutions with a focus on emissions control and services portfolio providing sustainable, affordable and reliable electricity.