GE Power India Q4 net profit up 23% at Rs 39.04 cr

Power producer GE Power India today reported a 23 per cent jump in standalone net profit at Rs 39.04 crore in the quarter ended on March 31, 2017.

The company's net profit was Rs 31.81 crore in the quarter ended on March 31, 2016, GE Power India stated in a BSE filing.

According to statement, the total income was Rs 372.47 crore in January-March quarter as compared to Rs 423.65 crore in the year-ago period.

The company's standalone net profit in 2016-17 was Rs 29 lakh while it had reported a loss of Rs 57.79 crore in the previous fiscal.

The total income in the last fiscal rose to Rs 2,186.78 crore from Rs 1,941.96 crore in 2015-16.

The board of directors in its meeting held today have recommended a dividend of Rs 3 per equity share for the year ended March 31, 2017.

It noted the resignation of Alain Christian Spohr from the directorship of the company from May 30, 2017 due to his retirement.

It also noted the resignation of Rathindra Nath Basu from the directorship of the company from May 29, 2017 in view of taking up a senior global role in General Electric Company (GE).

The board appointed Vishal K Wanchoo as an Additional Director and Non-Executive Chairman of the Board from May 30, 2017.

It appointed Sanjeev Agarwal as an Additional Director of the company from May 30, 2017.

It also appointed Sanjeev Agarwal as Whole-time Director of the company, subject to the approval of shareholders at the forthcoming General Meeting.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)