Shares of this small-cap stock slipped more than 13 percent on Monday after publishing underperforming results with regard to the quarter ending June 2023.
With a market capitalization of Rs 1,100 crores, the stocks of GE Power India Limited started their trading session today at Rs 170 and currently trade at Rs 161.45 exhibiting a deep fall of around 13 percent as compared to the previous close of Rs 185.95 apiece.
Such negative sentiments with regard to the company’s share price are witnessed after it announced disappointing financial results for the quarter ended June 2023, especially the bottom-line numbers reported by the company.
On a sequential basis, the company showed growth as far as the operating revenues are concerned, the same rose from Rs 344 crores during Q4FY22-23 to Rs 424 crores during Q1FY23-24. On a contrasting note, the already-reported net losses worsened from Rs 130 crores to Rs 136 crores.
Comparing Q1FY22-23 and Q1FY23-24, the company underperformed with the operating revenues reducing from Rs 491 crores during June 2022 to Rs 424 crores during June 2023, and, the net losses, keeping the timeframe the same, widened from Rs 59 crores to Rs 136 crores representing an increase in losses of approximately 130 percent.
As per the shareholding pattern data available for the quarter ended June 2023, the company’s Promoters hold a 68.58 percent stake followed by Retail Investors (RIs) holding a 22.52 percent stake in the company.
GE Power India Limited is involved in the business of construction, procurement, engineering, manufacturing, and servicing of power plants as well as equipment in India. The company offers a wide range of products under its portfolio and the same comprises high-pressure and beater mills, automation systems, gas power systems, etc.
Written by Amit Madnani
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