NEW DELHI: GE Power India's standalone net profit dropped around 77 per cent at Rs 2.4 crore in the quarter ended June 30, 2018, compared to the year ago period. The company's standalone net profit was Rs 10.58 crore in the quarter ended on June 30, 2017, said a BSE filing today.
According to the filing, its total income rose to Rs 467.32 crore in the quarter from Rs 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 June 30, 2017, and year ended March 31, 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 May 22, 2018, recommended a dividend of Rs 3 per share and the members of the company have approved the dividend at the annual general meeting held on July 21, 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 August 1, 2017.
The company's business activity fans within a single business segment – power generation.