GE Power India's net loss widens to Rs 136 crore in Q1

GE Power India on Friday reported widening of consolidated net loss to Rs 135.79 crore in the June quarter.

It had reported a consolidated net loss of Rs 59.02 crore in the year-ago quarter, according to a regulatory filing.

The company's total income declined to Rs 440.28 crore in the first quarter of the current fiscal from Rs 520.01 crore in the same period a year ago.

"In the June quarter, we continued to see that the turnaround is taking longer than anticipated... We are seeing a slight ease on the FGD (Flue-Gas Desulfurisation) market, but conversion to orders is still slower than expected," GE Power India Managing Director Prashant Jain said in a statement.

The company's revenue is down due to lower orders in previous quarters and project delays, he said and added that efforts on claims settlement are ongoing but it is a long-drawn process.