GE Power India shares rally over 18% to hit a fresh 52-week high

The stock has gained in 7 out of the last 10 consecutive trading days, rising more than 34% during the period.

Power sector stock closed higher in Friday’s session with most of the leading players in the sector closing with decent gains. The rally in the power sector companies was seen amid the positive momentum in the broader market.

Last week on June 3, GE Power India’s whole-time director and chief financial officer (CFO) Yogesh Gupta resigned from his position with effect from July 23, in order to undertake another role in GE Vernova. Aashish Ghai has been appointed as the new CFO.

For the quarter ended March 31, 2024, GE Power India reported a consolidated net profit of ₹25.9 crore compared to a huge net loss of ₹129.7 crore in the same period last year, while also rising massively from a net profit of ₹0.37 crore in the December 2023 quarter.

Its consolidated revenue from operations gained 13.4% on a year-on-year (YoY) basis to ₹390.7 crore in the March 2024 quarter from ₹344.5 crore in the corresponding quarter of the previous fiscal year.

The company’s operating profit margin expanded majorly to negative 9.11% in the final quarter of FY24 compared to negative 34.6% in the year-ago period, while the operating profit rose to negative ₹35.6 crore in the focused period from negative ₹119.2 crore in the March 2023 quarter.

“The fourth quarter continued to witness slower conversion of FGD and Hydro opportunities. On the other hand, this quarter continued to be strong for our Services business which led to the revenue going up by 14% vs Q4 of the previous year,” said the Managing Director of GE Power India, Prashant Jain.

Shares of the company were seen trading 15% higher at ₹404.65 per piece on the NSE at 3 pm, with a market capitalization of ₹2,718 crore.

Shares of GE Power India Ltd closed 13.35% higher at ₹399 apiece on the NSE.