GE T&D India, a leading player in power transmission and distribution, on Thursday posted a net profit of Rs 16.11 crore in the March 2021 quarter.
The company had reported a loss of Rs 187.13 crore in the quarter ended on March 31, 2020, a BSE filing said.
Total income in the quarter under review was Rs 934.23 crore as compared to Rs 698.47 crore in the same period a year ago.
Its consolidated net profit in FY2020-21 stood at Rs 60.32 crore as against a loss of Rs 302.56 crore in 2019-20.
Total income in the entire fiscal came in at Rs 3,518.13 crore as against Rs 3,218.21 crore in 2019-20.
In view of ongoing COVID-19 pandemic and to conserve cash and maintain liquidity, the company's board of directors decided not to recommend a dividend for FY2020-21, the company said.
The company is engaged in the business relating to products, projects and systems for electricity transmission and related activities only.
The management has evaluated the impact of the pandemic on its business operations under various scenarios. The company currently has a strong order book in excess of Rs 4,500 crore, leading to a clear visibility of revenue over the next 18-24 months.
The company has adequate fund-based credit facilities available from banks and other parties.
The company through the lockdown period and even subsequently has been able to maintain adequate control of its assets, and there have been no significant changes to its control environment during the period.
The company has also assessed the impact of any delays and inability to meet contractual commitments and has taken actions such as engaging with the customers in light of current crisis, and invoking of force-majeure clause to ensure that revenue recognition in such cases reflect realisable values.
Further, the company has evaluated the impact of COVID-19 on the financial results and made adequate provisions, wherever required, such as expected credit loss, estimated project costs etc. Any further impact till the date of report, if any, of COVID 19 on current year financial results is not expected to be material, it added.
