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GE Power India Results: Latest Quarterly Results & Analysis

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GE Power India Ltd. 14 Aug 2025 13:34 PM
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Q1FY26 Quarterly Result Announced for GE Power India Ltd.

Heavy Electrical Equipment company GE Power India announced Q1FY26 results

  • Total income for the quarter was Rs 3,398.3 million up by 34.4%, compared to Rs 2,528.7 million in Q1FY25.
  • Profit/(Loss) before tax and exceptional items for the quarter at Rs 316.1 million, compared to Rs (-) 250.1 million in Q1FY25.
  • Earnings before interest, taxes, depreciation and amortisation (EBITDA) before exceptional items for Q1FY26 is 12.0%, compared to -4.7% for Q1FY25.
  • The current quarter ended with an Order backlog of Rs 26,353 million, up by 13.1% compared to Rs 23,309 million in Q1FY25.

Puneet Bhatla, Managing Director, GE Power India, said: “ We've had a strong start to the year with our orders, sales, profitability, and net cash all exceeding budget. Our focused efforts on operations and project claims have resulted in a robust cash collection performance. This quarter’s performance reinforces the success of our growth strategy and provides a solid foundation for the year ahead.”

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Heavy Electrical Equipment company GE Power India announced Q3FY25 results

  • Total income for the quarter from continuing operations was Rs 3,442.9 million up by 9.9%, compared to Rs 3,131.4 million in Q3FY24.
  • Profit/(Loss) before exceptional items from continuing operations for the quarter at Rs 78.5 million, compared to Rs 85.0 million in Q3FY24.
  • Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the Quarter from continuing operations Ended (QE) 31 Dec 2024 is 4.5%, compared to 6.8% for the Q3FY24.
  • The current quarter ended with Order backlog of Rs 27,060 million up by 69.0% compared to Rs 16,008 million in quarter ended 31 Dec 2023 of continuing operations.

Puneet Bhatla, Managing Director, GE Power India, said: “I am pleased to share that your Company’s current strategy, which focuses on new growth areas, is progressing well, achieving a threefold increase in order bookings as compared to the December 2023 quarter. This quarter saw a significant order win of the Vindhyachal Steam Turbine upgrade from NTPC Limited, valued at 348 crore.

I am also proud to report that your Company, for its continuing operations has reported profits for the second consecutive quarter.”

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Heavy Electrical Equipment company GE Power India announced Q2FY25 results

  • Total income for the Q2FY25 was Rs 2,444.5 million down by 2.5%, compared to Rs 2508.0 million in Q2FY24.
  • Profit/(Loss) before exceptional items from continuing operations for Q2FY25 at Rs 91.4 million, compared to Rs -359.4 million in Q2FY24.
  • EBIDTA (before interest and depreciation expense) for the Q2FY25 from continuing operations is 9.1%, compared to -6.3% for the Q2FY24.
  • The Q2FY25 with Order backlog of Rs 25,597 million up by 45.3% compared to Rs 17,611 million in Q2FY24 of continuing operations.

Puneet Bhatla, Managing Director, GE Power India, said: “The second quarter of the FY25 fared strongly for executing on our strategy with 2X growth specifically for Upgrade and Core Services as compared to the preceding year. GEPIL completed the sale and transfer of said Gas Power Business in accordance with the terms of the business transfer agreement entered into with the purchaser dated 15 July 2024. I am pleased to share that your Company received the Wanakbori Steam Turbine upgrade project from GSECL as well as the Boiler R&M project for the Vedanta, Jharsuguda power station. This is the fourth consecutive quarter with positive one-time impact (EBITDA) supported by claims.”

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Heavy Electrical Equipment company GE Power India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Total income for the quarter is Rs 4,698.9 million up by 30.7%, compared to Rs 3,594.1 million in Q4FY23
  • Profit before exceptional items for the quarter is Rs 230.9 million due to one-time positive impact of insurance and customer claims, compared to loss of Rs (-) 1,281.8 million in Q4FY23.
  • EBIDTA (before interest and depreciation expense) for Q4FY24 is 9.3%, compared to (-) 29.0% for the Q4FY23. Though Services business continues to grow, operational pressures and execution challenges at New build project sites still persist.
  • The Quarter Ended (QE) with Order backlog of Rs 33,090 million down by 8.5%, compared to Rs 36,153 million in Q4FY23.

FY24 Financial Highlights:

  • Total income for the year is Rs 17,656.5 million down by 6.3%, compared to Rs 18,840 million in FY23
  • Loss before exceptional items for the year is Rs (-) 1,770.8 million, compared to Rs (-) 3,236.0 million in FY23. Exceptional item for the year is Rs Nil, compared to Rs 106.9 million in FY23.

Prashant Jain, Managing Director, GE Power India Limited said, “The financial year 2023-24 witnessed a decline in orders by 19% over the previous year due to lower order intake in Hydro and delay in FGD ordering with an impact on backlog reduction and revenue lower by 10%. Core Services continues to grow ~40% and there is an upswing in Upgrades which includes major De Nox orders from Hindustan Zinc Limited CPP and Maithon Power Limited. The financial year overall saw reduction in losses due to a one-time positive impact of insurance and customer claims.

The fourth quarter continued to witness slower conversion of FGD and Hydro opportunities. On the other hand, this quarter continued to be strong for our Services business which led the revenue going up by 14% vs. Q4 of the previous year.”

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GE Power India announced Q4FY22 results:

  • Q4FY22:
    • Total income for the quarter was Rs 6,188.7 million down by 34.2%, compared to Rs 9,411 million in Quarter Ended (QE) 31 March 2021.
    • Loss before exceptional items for the quarter at Rs 704.6 million against Profit before exceptional items of Rs 330.0 million in Quarter Ended (QE) 31 March 2021.
    • The loss for the quarter includes an exceptional item of Rs 749.2 million.
    • The Quarter Ended (QE) with Order backlog of Rs 37,761 million 
  • FY22:
    • Total income for the year ending 31 March 2022 was Rs 27,587.0 million down by 19.9% compared to Rs 34,446.9 million in year ended 31 March 2021
    • Loss before exceptional items for the year ended 31 March 2022 is Rs 1,482.5 million against profit before exceptional items of Rs 1,313.5 million in year ended 31 March 2021.
    • The loss for the year includes an exceptional item of Rs 1,452.1 million

Prashant Jain, Managing Director, GE Power India Limited said, “We had tough financial year due to Covid, inflation, customer delays and lower volume. That said, we continued to make progress on our strategy of improving the business mix. As a result, our steam Service business grew 17% in revenues and stable orders with better margins.

I am happy to share that Steam Services order intake has grown by 36% in fourth quarter. Despite delayed projects, the Services revenue is stable and is at the same levels as the same quarter last year.

The full year revenues have been impacted by lower order volume, we have improved cash management by reducing the borrowings and continued to right size meeting the changing market dynamics. The orders on FGDs have slowed in last couple of years, we expect growth in orders over next few years.

GE Power India Limited is uniquely positioned as India is actively responding to today’s energy transition, where coal will play a significant role. We have clearly defined a path to improve upon our execution challenges and continue to use Lean methodology to improve profitability from execution and convert orders. We have deep industry experience as well as dedicated and highly skilled team in engineering and project execution.”

 

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Heavy Electrical Equipment company GE Power India declares Q3FY22 result:

  • Total income for the quarter was INR 7,983 million up by 1%, compared to INR 7,903 million in Quarter Ended (QE) 30 September 2021
  • Profit before exceptional items for the quarter at INR 183 million, compared to INR 565 million in Quarter Ended (QE) 30 September 2021
  • EBIDTA (before interest income and expense) for the Quarter Ended (QE) 31 December 2021 is INR (- )159 million (-) 2.1%, compared to 10.9% for the Quarter Ended (QE) 30 September 2021.
  • The Quarter Ended (QE) with Order backlog of INR 39,809 million.

Prashant Jain, Managing Director, GE Power India Limited said, “This was the strongest quarter for core services in the last couple of years. We have booked orders worth 961MINR including a significant mills spare parts order for the year from NTPC Rihand. We have seen 65% growth in Q3 compared to previous quarter in core services and this was the highest quarterly intake in the FY. However, finalization of key orders in upgrades got postponed due to deferment of the customer’s outage schedule. FGD market is also looking up and customer have started to finalize the orders after clarity from MoEF on the implementation schedule. We have won an order for supply of Wet FGD in association with Apollo International for MB Power 2x600 MW contributing towards a cleaner future for the nation.

In line with the General Electric Company (GE) announcement dated 21 September 2020 to pursue exit from new build coal power market intimated to Stock Exchanges (BSE & NSE) by the Company on 22 September 2020, on 08 February 2022, GE Steam Power has written to the Board of Directors of the Company conveying its intention to reduce its stake in the Company and de-promoterise within 36 months, which will be implemented in a staggered manner. Through this transition, GE intends to strengthen the Company to operate independently from GE and to achieve its long-term growth plans. With our excellent team on the ground and strong technological capabilities, I am confident that as an organization, we are in the right path of creating a lean, stronger and focused company with long-term growth and value.”

 

Result PDF

Highlights:

  • Total income for the quarter was INR 7,903 million up by 43% in Quarter Ended (QE) 30 September 2021, compared to INR 5,512 million in Quarter Ended (QE) 30 June 2021 
  • Profit before exceptional items for the quarter was INR 566 Million in Quarter Ended (QE) 30 September 2021, compared to INR (-) 1,526 million in Quarter Ended (QE) 30 June 2021
  • EBIDTA (earnings before interest, tax, depreciation and amortisation) for the Quarter Ended (QE) 30 September 2021 was 11%, compared to (-)23% for the Quarter Ended (QE) 30 June 2021. 
  • Order backlog as on 30 September 2021 was INR 44,733 million. 

Prashant Jain, Managing Director, GE Power India Limited said,

“I wish you all a very happy, prosperous and safe Diwali!

I am happy to report that the team delivered a positive performance in the second quarter. The result shows improvements in revenues and profits as compared to the last one while maintaining our focus on emissions and services business, the absolute priority for us as an organization. We are also in constant path of improving operations through lean.

We are seeing a slow down on FGD orders due to the ambiguity on the implementation timelines of power plants and we are expecting a recovery on the orders from next year. On the operations side, the team continues to work towards completion of project milestones despite the challenges faced in workforce ramp-up due to Covid-19 and unprecedented rainfall in certain areas”. 

 

 

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For the First Quarter (April – June 2021)

  • Total income for the quarter was INR 5,512 million up by 23%, compared to INR 4,465 million in Quarter Ended (QE) 30 June 2020
  • (Loss) before exceptional items for the quarter at INR (-)1,526, compared to INR (-)226 million in Quarter Ended (QE) 30 June 2020
  • EBIDTA (before interest income and expense) for the Quarter Ended (QE) 30 June 21 was (-)22.5%, compared to 0.2% for the Quarter Ended (QE) 30 June 2020.
  • The Quarter Ended (QE) with Order backlog of INR 51,086 million.
  • Four major service orders win worth INR 150 Crore from STEAG, Tata Power, JSW Steel and Maharashtra State Power Generation Company Limited including retrofitting 2X600 MW Chinese make Boiler, upgrading steam generators to meet NOx emission norms, upgrading mill components for a steel plant and supply of LP Turbine rotor respectively.
  • Successfully completed the customer Factory Acceptance Test (FAT) for unit-1 excitation system for Godda project 2X800MW, Adani Power.
  • Successfully completed Factory Acceptance Test (FAT) and dispatched TG Controller for UPRVUNL Obra Unit 2
  • Services outage for a fly ash erosion problem in boiler backpass in unit#2 660MW Chinese fleet Adani Power Tiroda plant.
  • Conducted annual overhauling of TG set of Unit#1 & 2 at Raipur Energen Ltd., Raikheda, for Adani Infrastructure Management Services Ltd and completed the task, five days ahead of the schedule in total.

Prashant Jain, Managing Director, GE Power India Limited said,

"After 10 years on being hold, we have received go ahead from the customer on the execution of our hydro Subansiri project which had a significant margin impact for the quarter. The Company also faced cost challenges in project execution for ESP and FGD projects due to commodity price rise, BOQ variations and liquidity issues with the subcontractors which were further aggravated due to COVID-19 and exodus of workforce from sites. We are working aggressively to ramp up the site operations and reduce the lead time in project execution and mitigate the margin impact.

On the upside, our services growth strategy is on the right track and this quarter we have booked around 147% higher orders compared to Q1 last financial year due to some exceptional upgrade orders on oOEM fleet. We will continue to focus on emissions and services business aligned with the market dynamics while executing our backlog of INR 51,086 million”.

 

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