GE Power India net profit falls 77% to ₹2.4 crore in April-June
GE Power’s total income rose to ₹467.32 crore in the quarter ended 30 June, 2018, from ₹388.39 crore year ago
New Delhi: GE Power India’s standalone net profit dropped around 77% at ₹2.4 crore in the quarter ended 30 June, 2018, compared to the year ago period.
The company’s standalone net profit was ₹10.58 crore in the quarter ended on 30 June, 2017, said a BSE filing on Thursday.
According to the filing, its total income rose to ₹467.32 crore in the quarter from ₹388.39 crore year ago. The company said that consequent to implementation of goods and services tax (GST) regime effective July 2017, revenue is presented exclusive of GST.
However, it said revenue for the quarter ended 30 June, 2017, and year ended 31 March, 2018, presented is inclusive of excise duty and the amount of such excise duty is presented as expense in line with ‘excise duty on sale of goods’. Accordingly, the amounts are not comparable to that extent.
The board of directors in their meeting held on 22 May, 2018, recommended a dividend of ₹3 per share and the members of the company have approved the dividend at the annual general meeting held on 21 July, 2018.
The members (shareholders) of the company have approved the appointment of Andrew H Deleone as managing director for a period of three years from 1 August, 2017.
The company’s business activity fans within a single business segment - power generation.