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GE Power India Sept-qtr net down 20 pc to Rs 5.25 cr

GE Power India Sept-qtr net down 20 pc to Rs 5.25 cr

New Delhi, Nov 14 (PTI) GE Power India on Wednesday said its standalone net profit fell around 20 per cent to Rs 5.25 crore in the quarter ended September 30 due to higher expenses, including borrowing cost.The company's net profit in the quarter ended September 30, 2017 stood at Rs 6.56 crore, it said in a BSE filing.Total income of the company in the quarter rose to Rs 589.83 crore from 296.38 crore a year ago. The total expenses also increased to Rs 507.27 crore from Rs 283.61 crore.Considering the current market situation, the power generating company had instituted a Voluntary Retirement Scheme (VRS) for its workmen at the Maneja (Vadodara) factory in August 2018, which was opted for by most workers. Consequently, considering viability, the plant operations were ceased from August 27, 2018, it said.The management is exploring various options to dispose of the land and building, including machinery and equipment of the factory, it added. PTI KKS ABM