GE T&D India reports sharp plunge in profit to Rs 3.4 crore in Q1

New Delhi [India], July 26 (ANI): GE Transmission and Distribution India on Friday reported a sharp dip in its profit after tax of Rs 3.4 crore during the first quarter of current fiscal compared to Rs 82 crore in Q1 of the previous financial year.
The operating profit too came down to Rs 22.3 crore from Rs 141.7 crore. The sales revenue totalled Rs 730 crore for the quarter ended June 2019 compared to Rs 1,160 crore in the quarter ending June 2018.
The order bookings were Rs 420 crore compared to Rs 610 crore in the quarter ending June last year.
"The dip in the financial numbers of the first quarter of 2019-20 is largely driven by the tough market conditions across the power sector," said Managing Director Sunil Wadhwa.
"However, we are confident that the new reforms that are being introduced by the government to revive the sector are in the positive direction. Meanwhile, we will continue to focus on improving the underlying performance of our businesses to create sustainable, long-term value for our customers, employees, and shareholders," he said in a statement.
Meanwhile, the company announced the appointment of Vishal Wanchoo as Chairman of the board of directors, replacing Stephane Cai who retired by rotation. As President and CEO for GE India and South Asia, Wanchoo is responsible for all of GE's operations in the region.
With over 100 years of presence in India, GE T&D India is a leading player in the power transmission and distribution business with a product portfolio ranging from medium voltage to ultra-high voltage (1,200 kV) for power generation, transmission and distribution, industry and infrastructure markets.
(ANI)