ICRA reaffirms GE T&D India's credit ratings, outlook revised to negative
New Delhi [India], July 8 (ANI): ICRA has reaffirmed GE T&D India's long-term and short-term credit ratings but downgraded the outlook from stable to negative for long-term ratings.
ANI
Jul 08, 2020 18:01 IST
New Delhi [India], July 8 (ANI): ICRA has reaffirmed GE T&D India's long-term and short-term credit ratings but downgraded the outlook from stable to negative for long-term ratings.
The agency said the move was due to a decline in the company's revenues and profitability besides an increase in the working capital cycle.
In the quarter ended March, GE T&D India reported 26 per cent fall in its sales revenue at Rs 660 crore as compared to Rs 890 crore in Q4 FY19.
The operating loss was Rs 219 crore against an operating profit of Rs 63 crore in the same period. The loss after tax totalled Rs 187 crore against a net profit of Rs 26 crore.
Order bookings were down 32 per cent at Rs 660 crore in Q4 FY20 as compared to Rs 970 crore in Q4 FY19.
The company said India's power market, as well as its operating environment, continued to be challenging in the financial year 2019-20.
(ANI)
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