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companylogoGE Power India Ltd

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BSE Code : 532309 | NSE Symbol : GEPIL | ISIN : INE878A01011 | Industry : Engineering - Turnkey Services |


Directors Reports

FINANCIAL HIGHLIGHTS

(Rs. in million)

Particulars

Year ended 31 March 2025 Year ended 31 March 2024
Profit/(Loss) before exceptional items, tax, interest and depreciation 11.6 (695.4)
Less: Interest/Finance costs 247.2 579.5
Less: Depreciation and amortisation expense 144.6 148.8
Profit/(loss) before exceptional items and tax from Continuing Operations (380.2) (1,423.7)
Exceptional item - -
Profit/(loss) before tax (380.2) (1,423.7)
Provision for taxation
- Current tax - -
- Deferred Tax charge (credit) - -
Profit/(loss) after tax from continuing Operations (380.2) (1,423.7)
Discontinued Operations
Profit(+)/Loss(-) from discontinued operations before exceptional gain (328.7) (347.1)
Exceptional items - Gain on sale of discontinued operations 2,953.3 -
Profit(+)/Loss(-) before tax from discontinued operations 2,624.6 (347.1)
Provision for Taxation
- Current Tax 326.3 -
- Deferred Tax/(Credit) - -
Net Profit(+)/Loss(-) after tax from discontinued operations 2,298.3 (347.1)
Net Profit(+)/Loss(-) for the period/year 1,918.1 (1,770.8)

Balance brought forward from previous year in the statement of profit and loss

(2,638.9) (868.1)
Profit available for appropriation (720.8) (2,638.9)
Appropriations
a) Transferred to General Reserve - -
b) Dividend paid - -
c) Corporate Dividend Tax paid - -
Balance carried forward to Balance Sheet (720.8) (2,638.9)
Proposed Dividend - -

DIVIDEND

In compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Listing Regulations'), as amended from time to time, your Company has adopted a Dividend Distribution Policy. This policy specifies the parameters of distribution of dividend with objective of delivering sustainable value to its stakeholders. The Dividend Distribution Policy of the Company is annexed as ‘Annexure A' to this Report.

After reviewing the annual financial statements of the Company for FY 2024-25, the Board did not recommend any dividend for the said financial year.

TRANSFER TO RESERVES

No amount was transferred to reserves during FY 2024-25.

STATE OF COMPANY'S AFFAIRS

Operations The year in review

Economic Outlook:

The global economic landscape is currently undergoing a period of transformation, driven by evolving trade policies and an uptick in global demand. Despite initial concerns stemming from the United States' recent tariff adjustments, the outlook for 2025 presents a unique opportunity for businesses and investors to recalibrate strategies. The pause in tariff escalations expected later this year could offer a window for stabilizing trade relations, fostering a more predictable economic environment. Although a degree of caution is anticipated, this phase also presents a chance to strengthen long-term resilience and build adaptive strategies for navigating future uncertainties.

In the energy sector, the demand for electricity is set to rise significantly between 2025 and 2027, driven primarily by emerging markets. China, India, and Southeast Asia will be at the forefront of this growth. The International Energy Agency (IEA) projects an unprecedented increase in electricity demand, which will largely be met by clean energy sources, contributing to global efforts to reduce carbon emissions and ensuring sustainable energy demand.

India's energy sector is poised to experience significant growth, with electricity demand projected to increase by 6.3% annually from 2025 to 2027. This is driven by the country's strong economic expansion, increasing electrification, and rising ownership of air conditioning systems, which is responding to the country's warmer climate. The robust growth in electricity demand is a clear indicator of India's advancing industrial and technological landscape. Moreover, India is focusing on expanding renewable energy capacity, with a target of 500 GW.

In India, while coal's role in the energy mix continues to be crucial, the country is strategically balancing its focus on renewable energy with the ongoing importance of coal in meeting its growing energy demands. In 2024, coal demand in India rose by 5.5%, driven by strong performance in sectors such as power generation and industrial production. To ensure continued energy security and support its ambitious economic growth targets, India has set a goal to increase coal production to 1.5 billion tons by 2030. This approach will help maintain a reliable and diversified energy mix, facilitating the country's ongoing transition to renewable energy sources while ensuring that it can meet its rising energy needs.

At GE Power India Ltd, the financial year 2024-25 was instrumental as we embarked upon a business strategy with a focus on high margin, cash accretive deals with faster cash conversion cycle. We de-risked EPC and focused on EP business; while growing core services segment through penetration in OEM fleet.

During the year, GEPIL has secured a series of significant orders, underscoring its strong performance in core services and global expansion. Notable contracts include the refurbishment of Birsinghpur boiler spares, supply of ST spares for NTPC Rihand, and generator rotor rewinding (210 MW) for Birsinghpur. Additional major orders include the Vindhyachal ST upgrade under India's 60+ GW pipeline, Danieli Corus wheel assembly for SAIL, and mill spares for CENAL ELEKTRIK in Turkey. Furthermore, dispatches are in progress for a JSW Mingo export project to the USA. GEPIL's strategy focuses on expanding service offerings, enhancing capacity, and increasing its global market presence.

BOILERS

Your Company's execution unit at Noida and Manufacturing facility at Durgapur, West Bengal are capable of designing and manufacturing supercritical and ultracritical boilers, using the latest manufacturing technologies. Your company accomplished these significant milestones in FY 24-25.

Major Milestone achieved by your Company on projects with BHEL-GEPIL partnership in FY 2024-25

1X660 MW Bhusawal : Trial run for commercial operation declaration is completed.

1X660 MW Panki : Trial run for commercial operation declaration is completed.

3X660 MW North Karanpura : PG test completed for Unit 2. 2X800 MW Telangana: PG test completed for Unit 1. 2X660 MW Suratgarh: PG test completed for Unit 1. 2X800 MW Darlipali: PG test completed for Unit 2. 3X800 MW Partatu: Synchronization completed for Unit 1.

Manufacturing highlights of FY24-25 from Durgapur Factory

Supply completed for 2 upgrade project for Vedanta Jharsuguda. Multiple supplies completed for core services including- Economiser coil, NOx Sofa, Coal nozzle, Bend tubes, reheater coil and panels for various customers like NTPC, MPPGCL Birsighpur, JPL Tamnar, PPGCL Bara , JSPL ,KPCL , Hindustan Zinc Ltd & Maithon Power. Pressure vessels supplied to L&T for IOCL Panipat refinery.

Boiler Auxiliaries

Coal Burners supplied to JPL Tamnar and Hindustan Zinc

NON_COAL

Key milestones from Dugapur factory for Non-

Coal segment

Breakthrough order for Cryogenics from “Air Water India” A/c SAIL Durgapur Pressure Vessels for “Mundra Petrochem Ltd (Adani)”

Exports:

Key milestones from Durgapur factory

Spare parts/services for power plant equipment:

Karabiga Plant Cenal Elektrik, Turkey Loy yang Plant - AGL, Australia Hassyan Plant - NOMAC, UAE

Manufacturing highlights of FY 24-25 from Durgapur factory

1. Pressure Vessels & Petrochemical Equipment

L&T Pressure Vessels: Supply of SS304H

Shop Fabricated Hoppers, E&C and mandatory spares to L&T.

2. Steel & Metal Equipment

Oxygen Lance supplied to Tata Steel I JSW Mingo, USA Ladle Cover, Center piece.

I Water cooled Ducts: Supply of Water Cooled ladle Cover, Water Cooled Center Plate for Primetals Technologies.

I Supply of Moveable Elbow+Water cooled Duct+Non Cooled Duct , Piping ,support for

Primetals technologies.

Supply of De-watering wheel to Danieli Corus.

3. Cryogenic Equipment

Direct Contact Air Cooler (DCAC) supplied to Mundra Petrochem Limited (MPL) Evaporator Cooling Tower (EVC) supplied to Mundra Petrochem Limited (MPL)

MILLS

Mills spare parts supplied for NTPC, PPGCL Bara and Neyveli for FY24- 25

Export:

Tanjung Mill Malaysia Classifier parts & Karabiga CENAL Turkey For the first time successfully supplied 210 MW Beater Wheel Mill Door Components- NLC.

Various other Mills component and spare part- supplied for NTPC, PPGCL Bara

FGD

Successfully supplied absorber shell plate to Adani Udupi and GSECL

AIR QUALITY CONTROL SYSTEMS

Key milestones achieved in project under execution during FY 2024-25

3X660 MW NTPC Sipat WFGD: All three units 720 Hours trial operation completed including 72 hours at full load.

4X500 MW NTPC Simhadri WFGD: Completion of facilities milestone achieved for Unit-4 and Unit-1.

5X210 MW NTPC Unchahar Stage-I, II, III WFGD: Trial operation completed for both FGD Units, and facilities certificate issued for Unit 1,2.

3X500 MW APCPL Jhajjar WFGD: Completion of facilities milestone achieved for Unit-2 and a 10-year O&M work order received from NTPC for Unit-1 and Unit-2, contract kick-off done.

2X660 MW NTPC Solapur WFGD: Performance guarantee tests successfully demonstrated.

2X660 MW NTPC Tanda WFGD: Trial operation completed, and completion of facilities milestone achieved for Unit-6.

2X800 MW NTPC Telangana WFGD: Completion of facilities milestone achieved for both units, Category-I PG tests conducted and successfully demonstrated for Unit 2.

GSEPL Sikka WFGD: Site construction work underway.

Matarbari SWFGD and ESP: Unit-2 PG tests completed for SWFGD and ESP.

MB Power Anuppur WFGD (EP Project): Successfully completed hot commissioning for both units.

Adani Udupi WFGD (EP Project): 100% Supplies completed for both the units within schedule timelines.

SERVICES

Key milestones achieved in FY 24-25

Your Company continued investing in R&D/New Product Introduction (NPI) fund throughout the year. These investments along with CAPEX in tools and instruments is helping your Company grow its Services business creating differentiation and value for the customers. In 2025, a study confirmed the feasibility of co-firing 50% torrefied biomass with coal at NTPC Tanda, requiring only combustion and control loop tuning. NTPC acknowledged the report with minor comments and invited GEPIL to participate in a similar validation test at another plant.

2X210 MW ST upgrade under execution which will be helping in CO2 reduction of ~0.9 MMT/ Yr post R&M for Wanakbori and Vindhyachal.

Coromax is a Micro-Pulser based Power supply unit is implemented in GEPIL-FLS Agreement-for ESP

RETROFITS It generates a total peak or pulse voltage of approximately 140 kV which is almost double the voltage of a conventional DC supply.

Successfully dispatched firing system-Burner Spare to

Hassyan Energy Phase 1 P.S.C, Dubai, UAE. Successfully dispatched HP1103 Mill Dynamic Classifier Spares to M/S Malakoff Corporation Berhad (1X1000MW), TPP, TANJUNG, MALAYSIA. GEPIL on-site journal machining tool was awarded GOLD

Award under breakthrough category (Kaizen theme) at 49th CII event. It was later successfully deployed for an outage conducted at Renusagar Power Division.

Key Milestones Achieved-Domestic

Successfully completed DeNox and Economiser modification job of Harbin Make Boiler, 600 MW for Vedanta Jharsuguda. Successfull completion of PG test conducted at Dhariwal 2x300 MW, Haldia 2x300 MW, NTECL Vallur Unit 3 and NTPC Barauni, Unit 9 UPRVUNL and Tata Maithon Unit 2. Successfully completed the replacement of J-strap, restored and synchronized with grid post-L2 rotor repair activity for JITPL Derang BHEL make 600 MW Unit 1. Celebrated two years of successful operation after Combustion Modification in U#8 at NTPC Barauni with Senior leadership. Customer is very satisfied performance of work executed by our great team. Successfully executed major overhaul of 76 MW Unit 5 including execution of additional jobs of on-site repair of GBC, FOAK On-site Journal polishing of turbine rotor at Hindalco-RenuSagar.

Successful rewinding of a 250MW BHEL make stator for our customer Jindal Power Limited. First of a kind major inspection on 660MW Gigatop Generator and B-inspection of Turbine was successfully performed on Unit 1 for NTPC Solapur & NTPC Tanda. Conducted a knowledge sharing program to Gujrat State Electricity Corporation Ltd. at our training facility in Durgapur factory with topics related to safe operation, design and engineering, manufacturing, decarbonisation technologies and boiler tube leakage detection and its solution.

First of a kind De-NOx project was carried out on BHEL

600MW unit for Jindal Power Limited, Tamnar Thermal Power Plant, Raigarh.

Successfully completed the outage and commissioning of the Maithon NOx abatement system for Unit 2 for Maithon Power Ltd. This significant Project milestone resulted in a remarkable 40% reduction in NOx emissions, from 600 mg/nm3 to 360 mg/nm3, thereby enhancing the environmental performance of the thermal fleet.

Completed Pendent Reheater Coils replacement work, supply of waterwall panel in U#1 and Reheater replacement in Unit 2 for MPPGCL-Birsinghpur (200 MW). Delivered major overhaul of 1500 MVA Short-Circuit Generator of Unit 2 at CPRI Bhopal and on-site repair/ rectification of rotor earth fault finding in 2500 MVA short-circuit Generator at CPRI Bangalore.

CUPROPLEX Cleaning of Generator Stator winding was successfully completed in Unit 6 for NTPC-Kahalgaon. Completed outage with refurbishment on Chinese (OEM) ESP Unit 2 300 MW at WBPDCL Sagardighi. Supplied Stator Bars for 500MW Unit at Rihand power plant after inspection and dispatch clearance from NTPC. Received operational acceptance certificate for eight units across Anpara (2X500 MW), Harduaganj (2X250 MW), and Parichha (2X250 MW and (2X210 MW). Completed the Turbine Protection System Upgrade for Unit 1 for NTPC Rihand. Delivered a record 3800 MT of pressure parts with 30% less lead time to VAL Jharsuguda, JPL Tamnar and MPPGCL Birsinghpur.

AUTOMATION AND CONTROL

Your Company's Automation & Control Solutions and Technology in Noida is known to be one of the leading execution centers for project execution globally in the vicinity of Automation and Industrial solutions. Your Company achieved following Milestones in the FY 2024-25:

Completed ALSPA HMI upgrade for Chamera Hydro Power Plant, Chamba Commissioned partial upgrade of AVR Panel for PPL

Zuari Agro, JSW (Ind Bharath), NFL Vijaipur and NEEPCO in India.

Commissioned OPC client communication for NHPC Dhauliganga.

Commissioned Sabarmati HMI Upgrade in Q1 2025. Supplied spares for DCS System for various projects Sabarmati, Adani Mundra, Adani Godda, Telangana, Mouda.

Supplied 1 unit of AVR to JSW (Ind Bharath), Jharsuguda Odisha in Q1 2025.

Supplied 1 unit of Generator Health & Monitoring System to JPL Tamnar, 250 MW plant, Chhattisgarh in Q1,2025. Supplied spares for Excitation System/AVR for various projects e.g. Khatima, Adani Godda, Tanda, HZL, Tidong. Supplied AVR Panel for 2 Units of Lanco Reliance, Gujarat in Q3 2024.

Key Milestones achieved Export

Completed ALSPA HMI upgrade with Cyber Packages for Malmo Power Plant, Hungary in Q3 2024 Implemented cyber packages for Manjung4 Services delivered for Excitation System for Hulu (Malaysia), Tallawara (Australia) and DCS

System- Zubair (Iraq)

GAS POWER

The Gas Power business of your Company is actively involved in supporting managing projects in South Asia region, and gas projects globally for Engineering, Procurement and Construction services.

The Gas Power Noida Execution center of your Company is presently engaged in supporting Project Management, Engineering, Procurement, Construction and commissioning for GE Vernova's scope in some of key gas power projects in the South Asia region which are Summit Meghanghat II, Unique

Meghnaghat in Bangladesh.

Further engineering team of Gas power is engaged in carrying out basic and detailed engineering for global gas power projects for extended scope, Equipment only and Aero projects for main machine accessories, balance of plant equipment and systems, Heat Recovery Steam Generator. Some of the key projects where the team is involved are Hsinta, Taichung projects part of Taiwan power corporation megadeal, Chung Chia in Taiwan; Ostroleka in Poland. Projects in Saudi like Qassim 1&2, Ghazlan 1&2 Expansion are some of the Equipment only projects.

Subansiri: Pivotal Achievements in Project Milestones

In the first quarter, your company successfully lowered the Unit 3 Stator, a 400MT piece of equipment, at the Subansiri Project site. This accomplishment marks the third successful lowering at this hydro power plant, underscoring your company's exceptional capabilities in handling complex and large-scale engineering tasks.

In the third quarter, Your company safely and successfully lowered the Unit 4 Stator, weighing 440 MT, and the Rotor for Unit 3, weighing 674 MT, at the project site. These critical advancements highlight your company's dedication to pushing the boundaries of engineering and ensuring the successful execution of key components within the project.

Clover Project: Engineering Triumphs in

Hydropower Refurbishment Project

Your Company led the Clover project reached the final stage of its engineering phase with the successful completion of the Factory Acceptance Test (FAT) and Incremental Product Improvement (IPI) action on the control system platform, all conducted in the presence of the customer. Additionally, completed the FAT of the Governing System (TSLG) for the project. Over the course of 24 months, your company conducted approximately 76 inspections using a combination of online, in-person, and third-party inspection methods, showcasing rigorous approach to quality assurance by achieving over 95%

First Pass Yield.

Lower Solu Project: Advancing Power

Infrastructure with Successful High Voltage

Testing

Your Company made a pivotal achievement in the Lower Solu Power Plant project in Nepal, marking a significant advancement in power evacuation readiness. The High Voltage test of the 132 KV Gas Insulated Switchgear (GIS) has been successfully completed at the 2X41 MW Lower Solu Power plant. This accomplishment represents a critical step in the project's development, ensuring the reliability and efficiency of the power transmission infrastructure.

Angat: Timely Achievements in Hydropower

Advancements

Your Company completed the Angat Auxiliary Unit 2 ahead of schedule, successfully synchronizing it with the Philippines Grid. This achievement not only highlights your company's capability to meet stringent timelines but also reinforces it's dedication to enhancing grid reliability.

Continuing our progress, the fourth quarter marked the receipt of two new Provisional Acceptance Certificates (PACs) in January 2025 for Auxiliary Unit 2 (AU2) and Main Unit 4 (MU4). These units represent key components of the project, showcasing your company's ongoing commitment to advancing the Angat project's objectives and supporting sustainable energy infrastructure in the region.

Super Trishuli: Empowering Nepal's Energy Transition with 100 MW Hydropower Deal

Your Company has been selected by Blue Energy Limited (BEL) to deliver a transformative 100 MW project in a nation that depends significantly on hydroelectric power. This agreement entails the supply of three advanced Bulb Machines, comprising two units of 33.33 MW and one unit of 33.34 MW, for the Super Trishuli Hydropower project.

This milestone signifies your company's commitment to supporting sustainable energy initiatives and advancing hydroelectric infrastructure in Nepal, further cementing our role in fostering energy independence and resilience in the region.

Kundah: Engineering Excellence in Spiral Case and Stay Ring Milestones

Your company has achieved the successful assembly and hydro testing of the Spiral Case and Stay Ring for Unit #4. This accomplishment reflects your company's effective partnership with new suppliers, ensuring adherence to rigorous standards and quality assurance.

Highbank: Project Achievements

Your Company achieved the Long Stop Delivery Date, a crucial milestone made possible by the readiness of the Stator and Rotor and the on-time delivery of all required materials. Your company successfully dismantled the old machinery, paving the way for the installation of new turbine, generator, and Balance of Plant (BOP) equipment supplied by GE Vernova. This critical phase sets the stage for advancing the project's objectives and enhancing its operational capabilities.

Koyna: Successful Upgrade of Governing System Enhances Hydroelectric Capability

Your Company has successfully upgraded the governing system for the 4x70 MW Koyna Stage I project, by completing the supply, erection, and commissioning of the governing system. This achievement highlights our technical expertise and dedication to delivering high-quality engineering solutions.

Tehri: Pioneering Milestones in India's Pumped Storage Hydroelectric Advancement

Your Company has successfully completed the mechanical wet spinning of the first variable speed Pumped Storage Power (PSP) machine in India on 3rd August 2024. Progress continued in the third quarter with the successful positioning of the last Rotor, culminating in the safe installation of all four units' Rotors. This achievement was a result of meticulous planning and collaboration by your company.

Furthering the success, the Tehri Pumped Storage hydropower plant produced its first kilowatt-hour of electricity in the fourth quarter of 2024, marking a pivotal moment in the project's operational journey.

Alaknanda Project: Leading Modbus Integration and Strengthening Customer Partnerships

Your Company recently achieved a milestone by successfully completing the Factory Acceptance Test (FAT) for the TSLG Electronic Governing panels, in collaboration with the customer (Alaknanda Hydro Power Company - AHPCL) for Alaknanda Project.

Khatima: Successful Early Delivery of Kaplan Runner for Khatima Power Station

Your Company received an order to supply one Kaplan Runner Assembly, with a delivery deadline set for May 2025.

Remarkably, due to the dedicated efforts of the Service Team, the runner was delivered in December 2024, resulting in a significant achievement, delighting the customer with early delivery and contributing to the fulfilment of regional and service targets for FY 2024.

Coleridge: Successful FAT for G1 distributor:

Your Company recently celebrated the successful completion of the Factory Acceptance Test (FAT) for the G1 Distributor, conducted at the GE Vernova Tianjin Factory in Asia on March 3-4, 2025.

Teesta VI, lowering of Stay Ring:

Your Company marked a significant achievement for the Teesta VI Hydroelectric Project with the safe and successful lowering of Stay Ring Unit IV, a feat that comes after a prolonged pause due to severe flooding at the site.

WAY FORWARD

Anticipating a significant rise in global energy consumption, coupled with India's sustained reliance on coal, GE Power India is strategically poised to leverage its expertise in the evolving energy sector. Our core focus encompasses expanding service solutions for efficiency enhancements, deploying emission control technologies (including brownfield FGD equipment), and modernizing existing power infrastructure. Key business priorities include our core services and upgrades, utilizing our Durgapur facility for targeted international parts exports, and providing specialized equipment for pressure vessel and cryogenic applications. Through continuous investment in cutting-edge innovation, enhanced service capabilities, and support for grid modernization, GE Power India aims to be a pivotal partner in both the global transition towards cleaner energy and meeting India's escalating demand for dependable and sustainable power generation. Our strategic approach recognizes the near-term importance of coal in India while remaining aligned with the long-term objective of emissions reduction.

ENVIRONMENT, HEALTH AND SAFETY _EHS_

For your Company, safety, health and well-being of employees, contractors and customers are of prime importance. Your Company is governed by its EHS directives and instructions to protect itself and its stakeholders. EHS process is managed in accordance with the highest standards, which are evaluated from time to time. The EHS Management system of the Company is robust & certified for ISO 14001 & ISO 45001. Your Company follows ‘Zero Tolerance to LSR Deviation Policy' and ‘ I Own Safety' empowerment. In addition to this, every stakeholder follows the Life Saving Rules which emphasises on STARTING the work SAFE and facilitates the identification of triggering circumstances and reinforces the deployment of STOP WORK protocols whenever necessary. On witnessing safe behaviour they appreciate it, however if there is any at-risk behaviour they address them through Just & Fair approach system which involves coaching, issuing warnings, implementing suspensions or considering terminations. Your company also empowers contractor supervisor's to be involved in the Just & Fair / Behaviour Based Safety approach. Concurrently, in the event of any EHS incidents (Near miss, Level D, Level C, Level B, Level A), your company conducts comprehensive investigation and subsequently roll out corresponding actions across all locations to mitigate the risk of recurrence. All locations have well-equipped healthcare facilities and arrangement for emergencies. Employees at all levels are given trainings so that they have an understanding of EHS requirements and build a culture of safety and well-being.

DIRECTORS

In compliance with Sections 152, 196, 197 and 203 of the Companies Act, 2013 (‘Act') read with Schedule V and other applicable provisions of the Act and the Articles of Association of the Company, the Board in its meeting held on 03 June 2024, on the recommendation of Nomination and Remuneration Committee, appointed Mr. Aashish Ghai (DIN: 07276636) as an Additional Director w.e.f. 22 July 2024 to hold office up to the date of the 32nd Annual General Meeting. The Board also appointed Mr. Ghai as Whole-time Director with effect from 22 July 2024, for a period of three (3) years with effect from 22 July 2024 to 21 July 2027, liable to retire by rotation, subject to approval of members of the Company. Further, he was also appointed as Chief Financial Officer of the Company w.e.f. 24 July 2024.

His appointment was subsequently approved by the members of the Company in its 32nd Annual General meeting (AGM) held on 23 July 2024.

In compliance with Sections 149 of the Act read with applicable Schedules and other applicable provisions of the Act and the Articles of Association of the Company and Listing Regulations and basis the recommendation of Nomination and Remuneration Committee, the Board of Directors in its meeting held on 22 May 2024 appointed Mr. Ashok Kumar Barat (DIN 00492930) as Additional Independent Director for a first term of five (5) consecutive years with effect from 01 June 2024 to 31 May 2029, not liable to retire by rotation, subject to the approval of members. He was eligible to hold office as Additional Director till 32nd AGM.

In compliance with Sections 149 of the Act read with applicable Schedules and other applicable provisions of the Act and the Articles of Association of the Company and Listing Regulations and basis the recommendation of Nomination and Remuneration Committee, the Board of Directors in its meeting held on 22 May 2024 appointed Mr. Ravinder Singh Dhillon (DIN 00278074) as Additional Independent Director for a first term of five (5) consecutive years with effect from 01 June 2024 to 31 May 2029, not liable to retire by rotation, subject to the approval of members. He was eligible to hold office as Additional Director till 32nd AGM.

The Board in its meeting held on 22 May 2024 recommended to the members of the Company, the appointment of Mr. Ashok Kumar Barat (DIN 00492930) and Mr. Ravinder Singh Dhillon (DIN 00278074) as Independent Directors for first term of five (5) consecutive years with effect from 01 June 2024 to 31 May 2029, not liable to retire by rotation. Their appointments were subsequently approved by the members of the Company in its 32nd AGM held on 23 July 2024.

However, Mr. Dhillon resigned from the position of Independent Director effective 17 February 2025 due to his appointment and thereafter taking oath as Member (Finance), Central Electricity Regulation Commission on 17 February 2025. It was confirmed that there was no other reason than the one stated above.

On the recommendation of Nomination and Remuneration Committee, the Board in its meeting held on 21 August 2024 appointed Mr. Puneet Bhatla (DIN: 09536236) as an Additional Director w.e.f. 01 September 2024 to hold office up to the date of the next Annual General Meeting. The Board also appointed

Mr. Puneet Bhatla as Managing Director for a period of thirty- four (34) months with effect from 01 September 2024 to 30 June 2027, not liable to retire by rotation, subject to approval of members of the Company. The members approved his appointment as Director and Managing Director not liable to retire by rotation, through postal ballot on 27 November 2024.

In compliance with Sections 149 of the Act read with applicable Schedules and other applicable provisions of the Act and the Articles of Association of the Company and Listing Regulations and basis the recommendation of Nomination and Remuneration Committee, the Board of Directors in its meeting held on 13 May 2025 appointed Mr. Neeraj Kumar Nanda (DIN 07634636) as Additional Independent Director for a first term of five (5) consecutive years with effect from 16 May 2025 to 15 May 2030, not liable to retire by rotation, subject to the approval of members. He is eligible to hold office as Additional Director till date of ensuing AGM.

The Board in its meeting held on 13 May 2025 recommended to the members of the Company, the appointment of Mr. Neeraj Kumar Nanda(DIN 07634636) as Independent Director for first term of five (5) consecutive years with effect from 16 May 2025 to 15 May 2030, not liable to retire by rotation.

All the Independent Directors/Additional Independent Directors/ Additional Independent Directors have declared that they meet the criteria of independence as laid down under the Act/Listing Regulations/any other applicable law along with a declaration of compliance of Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014, as amended from time to time. The Independent Directors have complied with the Code for Independent Directors prescribed in Schedule IV to the Act. The Independent Directors are not liable to retire by rotation. Dr. Uddesh Kumar Kohli and Mr. Arun Kannan Thiagarajan completed their tenure for the term of two consecutive five years as Independent Directors of the Company with effect from the closing hours of 24 July 2024.

On 03 June 2024, Mr. Yogesh Gupta (01393032) tendered his resignation as Whole-time Director & CFO of the Company w.e.f. close of business hours of 23 July 2024 to undertake other role in GE Vernova.

Mr. Prashant Jain (DIN 06828019) resigned from the position of Managing Director with effect from close of business hours of 31 August 2024 to pursue new opportunities.

Mr. Mahesh Shrikrishna Palashikar, Chairman & Non- Executive Director (DIN 02275903) is liable to retire by rotation in the ensuing AGM and is eligible for reappointment. However, the Board in its meeting held on 29 May 2025 took note of his notice of retirement by rotation under Section 152 and other relevant provisions of the Act, dated 29 May 2025 wherein he requested to be relieved and retire from the positions and duties of the Chair of the Board of Directors and Non-Executive Director of the Company to be able to attend and honor his other professional business commitments. Accordingly, the Board approved to relieve him from the position and duties of the Chair of the Board of Directors and Non-Executive Director of the Company with effect from the conclusion of the 33rd Annual General Meeting of the Company.

Pursuant to the recommendation of Nomination and Remuneration Committee and provisions of Sections 150, 152 153, 161 and all other applicable provisions of the Act and rules made thereunder,

Listing Regulations and the Articles of Association of the Company the Board appointed Mr. Craig Martin Richards (DIN 11141735) as an Additional Director of the company with effect from 14 August 2025, who shall hold office up to the date of ensuing Annual General Meeting of the Company, liable to retire by rotation, subject to procurement of DIN and such other approvals as may be required. Further, pursuant to the provisions of Article 174 of the Article of Association of the Company, the Board appointed Mr. Richards as Non-Executive Non Independent Chairman of the Board of Directors of the Company w.e.f. 15 August 2025.

The Board in its meeting held on 29 May 2025 recommended to the members of the Company, the appointment of Mr. Craig Martin Richards as Non-Executive Director with effect from 14 August 2025.

The remuneration paid/to be paid to the Executive and Non-Executive Independent directors is detailed out in Clause IV- Remuneration of Directors in the Corporate governance report forming part of this report. Further, the Company has in place the Code of Conduct for Directors and senior management personnel. The Company is in receipt of disclosures from Directors and senior management personnel with respect to adherence of the aforesaid code during FY 2024-25.

The particulars in respect of directors seeking appointment as required under Regulation 36(3) of Listing Regulations and Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India forms part of the Corporate Governance Report and Statement pursuant to Section 102 of the Act forming part of the AGM Notice. Pursuant to the provisions of Sections 152, 160 and any other applicable provisions of the Act and the Listing Regulations, inter-alia basis their expertise in specific functional areas, background, and as per the recommendation of the Nomination and Remuneration Committee, the Board recommends appointments of Mr. Neeraj Kumar Nanda and Mr. Craig Martin Richards. The Board places on record its sincere appreciation and gratitude to the outgoing Directors for their invaluable contributions and extends a warm welcome to the incoming Directors as they join us on this journey.

REGISTERED OFFICE

The Registered Office of the Company is situated at Regus Magnum Business Centers, 11th floor, Platina, Block G, Plot C-59, BKC, Bandra (E), Mumbai, Maharashtra 400051. There was no change in the address of Registered office during the FY 2024-25.

MEETINGS OF BOARD AND ITS COMMITTEES

The Board meets at regular intervals to discuss on Company/ business's policy, strategy and financial results apart from other Board business. The Board/Committee Meetings are pre-scheduled and a tentative quarterly/half yearly calendar of the Board and Committee Meetings is discussed and finalized by the Directors in advance to facilitate them to plan their schedule and to ensure meaningful participation in the meetings. The maximum interval between any two Board Meetings did not exceed one hundred and twenty (120) days.

In order to further strengthen the Corporate Governance practices in the Company and to maintain the corporate culture of conscience and consciousness towards shareholders and other stakeholders, the Company has non-mandatory committees in place which focus on strategy, innovation, sustainability, inclusion etc. to help concentration on key areas thereby enhancing the Board processes.

Your Company comprises of four mandatory committees which includes Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Risk Management committee. Apart from the mandatory committee your Company has three non-mandatory committees which includes Sustainability Committee, Inclusion & Diversity Committee and Strategy & Innovation Committee. In terms of section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time, the Company was no longer required to constitute/continue to maintain a CSR Committee. Accordingly, the CSR Committee of the Company was dissolved with effect from 07 November 2024 with consent of Board.

The details of composition/change in composition, meetings, and attendance etc. at the meetings of Board and its committees held during the FY 2024-25 and its terms of reference are provided in Corporate Governance Report which forms part of this Report.

The Secretarial Standard on Meetings of the Board of Directors (SS-1) and the Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India have been duly complied.

Non-mandatory Committees of the Company are managed in compliance with Secretarial Standards -1 on meetings of the Board of Directors issued by the Institute of Company Secretaries of India to the extent possible.

RECOMMENDATIONS OF AUDIT COMMITTEE

Your Company has an Audit Committee of the Board of Directors in place. The terms of reference of the Audit Committee are in line with Section 177 of the Act and the Listing Regulations, as amended. There were no recommendations made by the Audit Committee which were not accepted by the Board. There were no frauds reported by Auditors of your Company under sub-section 12 of section 143 of the Act for the FY 2024-25.

NOMINATION AND REMUNERATION POLICY

Your Company has in place a Nomination and Remuneration Policy to ensure that the Board and top Management is appropriately constituted to meet its fiduciary obligation to stakeholders, to identify and determine the integrity, qualification, expertise and experience of persons who are qualified to become Directors or who may be appointed in senior management and/or as Key Managerial Personnel of the Company. This policy inter-alia lays down the guidelines relating to appointment and remuneration for Executive Directors, Non-Executive Directors/Independent Directors, Key Managerial Personnel and Senior Management, skill mapping of director before appointment, alignment with current HR policies of the Company, criteria for paying remuneration/commission to Non-Executive Directors etc. The Nomination and Remuneration policy was last reviewed and amended on 13 May 2025 to amend and include criteria for determining the commission payable to all the Non-Executive Directors and/or Independent Directors. The Nomination and Remuneration policy can be accessed at www.gevernova.com/regions/asia/in/ge-power-india-limited.

BOARD EVALUATION

Pursuant to the provisions of the Act and the Listing Regulations, the Non-Executive, Non-Independent Director and the Executive Directors of the Company were evaluated by the Independent Directors of the Company in a separate meeting of Independent Directors. The formal annual evaluation of the Independent Directors, Board as a whole, Chairman, Committees namely Audit Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee, Risk Management Committee, Nomination and Remuneration Committee, Strategy & Innovation Committee, Inclusion & Diversity Committee and Sustainability Committee and all the individual Directors were undertaken in the Board meeting. More details on the same including the evaluation mechanism are provided in the Corporate Governance Report which forms part of this Annual Report.

AUDITORS AND AUDIT REPORT

Statutory Auditors

The Statutory Auditors of the Company, M/s Deloitte Haskins & Sells (Firm Registration No. 015125N) were appointed at the 29th Annual General Meeting of the Company to hold office for a term of five (5) consecutive years until the conclusion of the 34th Annual General Meeting of the Company at a remuneration as may be decided by the Board of Directors of the Company.

Brief profile of Deloitte Haskins & Sells inter-alia highlighting their competence and experience is given in the Notice of AGM.

Cost Auditors

Pursuant to Section 148 of the Act, your Directors, on the recommendation of the Audit Committee, appointed M/s Yogesh Gupta & Associates, Cost Accountants as Cost Auditors of your Company for the FY 2025-26 to carry out the cost audit for the applicable business at a remuneration of H 3,00,000/- (Rupees Three Lakh only) plus applicable taxes and reimbursement of out of pocket expenses. A Certificate from M/s Yogesh Gupta & Associates, Cost Accountants has been received confirming that their appointment as Cost Auditors of the Company, would be in accordance with the limits specified under Section 141 of the Act.

Brief profile of M/s Yogesh Gupta & Associates, Cost Accountants inter-alia highlighting their competence and experience is given in the Notice of AGM.

As required under the Act, the remuneration payable to the Cost Auditor is required to be placed before the members of the Company in the general meeting for ratification. Accordingly, the Board of Directors of the Company recommends to members the ratification of the remuneration payable to M/s Yogesh Gupta & Associates, Cost Accountants for the FY 2025-26 at the ensuing Annual General Meeting.

The Cost records as specified by the Central Government in compliance with sub-section (1) of section 148 of the Companies Act, 2013 are being duly maintained by the Company.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Act your Directors appointed M/s Hemant Singh & Associates, Company Secretaries to undertake the Secretarial Audit of your Company for FY 2024-25. The Secretarial Audit Report in Form MR-3 for FY 2024-25 is annexed as ‘Annexure B' to this Report.

Further in compliance with Regulation 24A of Listing Regulations, Annual Secretarial Compliance Report for the year ended 31 March 2025, issued by M/s Hemant Singh & Associates, Company Secretaries is annexed as ‘Annexure C' to this Report. The same was filed with stock exchanges (BSE & NSE) on 30 May 2025.

Brief profile of M/s Hemant Singh & Associates, Company

Secretaries inter-alia highlighting their competence and experience is given in the Notice of AGM.

There are no qualifications, reservations, observations or adverse remarks made by the Auditors in their report for FY 2024-25.

Further, the Board in its meeting held on 29 May 2025, basis the recommendation of Audit Committee, appointed M/s. Vineet Kumar Chaudhary & Associates, practicing Company Secretaries (UIN P2018DE07700) as the Secretarial Auditors of the Company for a term of five (5) consecutive years commencing from FY 2025-26 to FY 2029-30, subject to approval of members at the ensuing AGM of the Company. The details related to the aforementioned appointment is given in the Notice of AGM.

DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors state that:

I. in the preparation of the annual financial statements for the year ended 31 March 2025, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

II. such accounting policies have been selected and applied consistently and made such judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year 31 March 2025 and of the profit of the Company for that period;

III. proper and sufficient care have been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

IV. the annual financial statements have been prepared on a going concern basis;

V. financial control been laid down and followed by the

Company and that such internal financial controls are adequate and are operating effectively; and

VI. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

SUBSIDIARIES _ JOINT VENTURES

GE Power Boilers Services Limited (‘GEPBSL') is a wholly owned subsidiary of the Company. It is a non-material non-listed Indian subsidiary. It was initially engaged in the services related to boilers. However, GEPBSL received a service order for a total order value of H16 Lakhs which was booked in FY 2024-25. The service order shall be delivered after 31 March 2025 and accordingly, revenue generated from the same shall form part of FY 2025-26. During FY 2024-25, GEPBSL did not have any business operations. GEPBSL had other income of H Nil (Previous Year : H Nil) along with Loss after tax ofH 0.01 million (Previous Year : Loss after tax ofH 0.01 million). As at 31 March 2025, GEPBSL's accumulated losses of H 3.9 million have eroded its paid-up equity capital of H 3.4 million.

In compliance with the first proviso to sub-section 3 of section 129 of the Act a statement containing salient features of the financial statement of Company's subsidiary for FY 2024-25 in the prescribed format Form AOC-1 is as under :-

Part A: Subsidiaries

( in million)

Name of the subsidiary The date since when subsidiary was acquired Share capital Reserves and surplus Total assets Total liabilities Invest - ments Turnover Profit/ (loss) before taxation Provision for taxation Profit/ (loss) after taxation Proposed Dividend Extent of shareholding (in %)

GE Power Boilers Services Limited

31-10-2002 3.40 (3.88) 0.02 0.49 - - -0.01 - -0.01 - 100

Reporting period for the subsidiary is same as holding Company's reporting period i.e. from 1 April to 31 March. The above-mentioned subsidiary is not a foreign subsidiary and its reporting currency is Indian Rupee (H)

Part B: Associates and Joint Ventures

The Company holds 3,000,000 equity shares of H 10 each in NTPC GE Power Services Private Limited (NGSL). The Company is having 50% voting rights and right to net assets in NGSL thereby giving joint control over NGSL. Investment in Joint venture is accounted for using the equity method of accounting, after initially being recognized at cost. During the FY 2024-25, NGSL had a total profit after tax of H 223.78 million out of which H 111.9 million has been recognised part of your company's financials.

Key updates during FY 2024-25:-

1. Achieved Revenue H 7,225 million and Profit Before Tax H 301.8 million, all time high in NGSL's history

2. Order Book H 23,032 million and Order inflow H 15,344 million

3. Credit rating from ICRA released, Long Term A+ and Short Term A1

4. Received new orders for comprehensive O&M from Vedanta Limited and for R&M from NTPC Limited and Gujarat State Electricity Corporation Limited.

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures basis the management certified accounts

(Rs. in million)

Name of Association or Joint

Latest audited Balance sheet Date

Shares of Associate or Joint Ventures held by the company on the year end

Description of how there is significant influence Reason why the associate/ Joint venture ls not consolidated Net worth* attributable to shareholding

Profit or Loss for the year*

Venture

No. Amount of Investment in Associates or Joint Venture Extent of Holding (in percentage) Considered in Consolidation Not Considered in Consolidation

NTPC GE Power Services Private Limited

31.03.2024 3,000,000 equity shares 72 50 Company has joint control Not Applicable 299.2 111.9 111.9

* The management certified accounts have been considered for consolidation

PROMOTER SHAREHOLDING AND WEBSITE

The name of the immediate holding company is GE Steam Power International BV. It holds 46,102,083 equity shares constituting 68.58% of the paid-up capital of the Company. There is no change in the said holding till the date of this report. With effect from 02 April 2024 the ultimate holding company of GE Power India Limited has changed from General Electric Company to GE Vernova Inc. The same was intimated to stock exchanges on 03 April 2024.

On 25 July 2024, the Board of Directors of the Company received and noted a communication dated 25 July 2024 from its immediate holding Company, GE Steam Power International B.V. (Promoter of the Company) with subject line “Ending Plan to Exit from GE Power India Limited and de-promoterise”, whereby GE Steam Power International B.V. had communicated to the Company that it has decided to end its plan to exit from GE Power India Limited (GEPIL) and de-promoterise. GE Steam Power International B.V. confirmed to continue to be the Promoter of the Company. The same intimated to the stock exchanges on 25 July 2024.

The website URL of the Company changed from www. gevernova.com/regions/in/ge-power-india-limited to www. gevernova.com/regions/asia/in/ge-power-india-limited

Key highlights of the transactions undertaken during the financial year 2024-25: -

Based on the recommendations of the Audit Committee, the Board of Directors of the Company, at its meeting held on 10 July 2024, approved the sale and transfer of the following undertakings of the Company, on a going concern basis, by way of a slump sale:

(i) hydro business undertaking of the Company comprising the business of developing, designing, engineering, marketing, manufacturing, selling, supplying, transporting, assembling, installing and servicing hydro turbines, generators and associated auxiliaries (including balance of plant) and systems for hydroelectric power stations (including pumped storage plants) (“Hydro Business”) to GE Power Electronics (India) Private Limited, a related party (now known as GE

Vernova Hydro Power India Private Limited). Accordingly, Business Transfer Agreement for Hydro Business was executed between the Company and GE Power Electronics (India) Private Limited on 15 July 2024; and

(ii) gas power business undertaking of the Company comprising all activities in relation to gas power plants, as being undertaken by the Company which consist of: (a) providing project management, application and detailed engineering services for regional and global projects; and (b) providing maintenance services to the existing fleet of gas power plants (“Gas Power Business”) to GE

Renewable Energy Technologies Private Limited, a related party. Accordingly, Business Transfer Agreement for Gas Power Business was executed between the Company and GE Renewable Energy Technologies Private Limited on 15 July 2024.

The members approved the aforesaid transactions on 14 August 2024.

Thereafter, the sale and transfer of said Gas Power Business and Hydro Business was completed as on 30 September 2024 and 31 March 2025 respectively in accordance with the terms of the business transfer agreement entered into with the respective Purchasers dated 15 July 2024, as amended, in this regard.

The relevant disclosures in this regard are available on the website of the Company as well as on the stock exchanges.

CONSOLIDATED FINANCIAL STATEMENTS

In compliance with provisions of Section 129 of the Act and Listing Regulations, as amended, your Company has prepared

Consolidated Financial Statements in accordance with the requirements of Ind-AS Rules. The Audited Consolidated Financial Statements along with the Auditors' Report thereon forms part of this Annual Report.

Further, as per the fourth proviso of Section 136(1) of the Act, Audited Financial Statements of the subsidiary Company have been displayed on the website of the Company viz. https://www.gevernova.com/regions/asia/in/ge-power-india-limited Members interested in obtaining a copy of audited financial statements of the subsidiary Company may write to the Company Secretary of the Company.

VIGIL MECHANISM

Your Company is dedicated to upholding the highest standards of corporate governance, guided by the principles of transparency, accountability, fairness, and integrity, with the goal of creating long-term, sustainable value for its stakeholders. To support this commitment, the Company has established a Vigil Mechanism (Ombuds and Open Reporting Procedure) that provides all stakeholders with a channel to report actual or potential concerns related to integrity breaches or legal violations. The Company provides adequate safeguard to the Concern Raiser. If a concern Raiser faces any retaliation as a result of reporting a concern or supporting an investigation,or in inappropriate or exceptional circumstances the aforesaid Procedure provides adequate provision to report the incident to the Chairman of the Audit Committee. In addition, your Company has adopted an internal Code of Conduct namely ‘The Spirit & The Letter'(‘S&L') which is followed by anyone who works for or represents GE Vernova, which includes your Company.

Employees have the power to influence GE Vernova's reputation worldwide by how they embrace the spirit of integrity. The Spirit & The Letter and the said policy helps ensure that the work employees do continues our long-standing tradition of working with unyielding integrity. It helps us create an atmosphere where people want to work without any fear.

During the year, 23 stakeholders' complaints were received and all of them have been resolved to the satisfaction of the complainants. Out of the total resolved complaints ~ 40% of the complaints were confirmed.

The aforesaid policies are available on the Company's website viz. https://www.gevernova.com/regions/asia/in/ge-power-india-limited

FIXED DEPOSIT

The Company has not accepted any deposits and as such no amount of principal or interest was outstanding as at the end of FY 2024-25.

CREDIT RATING

Summary of the latest and highest credit rating obtained by the Company during FY 2024-25 is provided below: -

Rating Latest and highest rating of FY 2024-25
Name of the credit rating agency ICRA Limited for long term and short term borrowings from Banks
Date on which the credit rating was obtained 24 December 2024
Long Term rating Long term is BBB (Negative)
Short- Term rating A3+

Reasons provided by the rating agency for a downward revision

Reaffirmed the above rating on 24 December 2024.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis is presented in a separate section, which forms part of this Annual Report.

CORPORATE GOVERNANCE REPORT

The Corporate Governance Report is presented in a separate section, which forms part of this Annual Report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

During the year, your Company granted new Inter-Corporate Deposits (ICDs) under cashpool transaction with LM Wind Power Blades (India) Private Limited (‘LM Wind') to the tune of H 250 million (maximum amount lent excluding interest earned). There were no ICDs subsisting as on the date of this report. Particulars of investments made by your Company during FY 2024-25 have been provided in Note no. 7 of the Notes to Standalone Financial Statements which forms part of this

Annual Report. The rate of interest for aforesaid ICDs was in the range of 6.54% p.a. to 6.68 % p.a. All the ICDs were granted in compliance with Section 186 of the Act. The aforesaid ICDs were granted for business purposes only.Your Company has not given any Guarantee during FY 2024-25.

On 29 March 2025, the members of the Company vide Postal Ballot granted approval for enhancement of overall limits for inter-corporate Loans/guarantees/security/investment upto a maximum of H4,500 million only (Indian Rupees Four Thousand and Five Hundred million only) at any given point of time, subject to specific approval of a transaction by the Board, notwithstanding the aggregate of loans and investments so far made and/or guarantees or security so far provided by the Company to any person or body corporate, over and above the limits prescribed under Section 186 of the Act i.e. 60% of the paid-up share capital, free reserves and securities premium account of the Company or 100% of free reserves and securities premium account of the Company, whichever is more.

RELATED PARTY TRANSACTIONS

Your Company has in place a Related Party Transactions Policy. During FY 2024-25, shareholders' approval for Material related party transaction and material modification thereof was obtained at the 32st Annual General Meeting of the Company and vide postal ballot approved by the members on 14 August 2024 and 29 March 2025. Omnibus approval for related party transactions (at arm's length and in ordinary course of business) which were foreseen and repetitive in nature was obtained from the Audit Committee. All the related party transactions entered during the year were at arm's length and in ordinary course of business except the ones for which separate approval was taken under the provisions of Section 188 of the Act, from the Audit Committee and the Board.

However, the Company entered into transactions which may be considered material in terms of Section 188 of the Act and thus disclosure in Form AOC-2 is annexed as Annexure IA. The disclosures pertaining to transactions with Related Parties in compliance with applicable accounting standards have been provided in Note no. 36(b) of the Notes to Standalone Financial Statements.

Members' approval for the Material Related Party Transactions (MRPTs) proposed to be undertaken in FY 2025 26 was obtained through postal ballot on 04 May 2025. Further, certain MRPTs that are scheduled to expire at the 33rd Annual General Meeting (AGM) have been recommended for renewal by the

Audit Committee and accordingly forms part of the Notice of the ensuing AGM for members' approval.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings & outgo as stipulated under Section 134(3)(m) of the Act is annexed as ‘Annexure D' to this Report.

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The Board of Directors of your Company has laid down a Risk Management Policy for the Company. Further the Company has Risk Management Committee (RMC) in place. The Committee assists the Board in fulfilling its risk management oversight responsibilities with regard to identification, evaluation and mitigation of critical risks strategic as well as operational. The Company has an enterprise risk management (ERM) framework in place. This helps in identifying elements of risks inherent to the business linked to various activities such as tendering, contract execution, operational and financial management, environment, health and safety, reputation and image, currency fluctuation, compliance etc. These risks are assessed with respect to factors external as well as internal to your Company that can impact its business operations and growth aspirations. There is a structured process to identify enterprise level critical risks and to develop their respective mitigation action plans. Status of these risks and mitigation action plans are periodically reviewed by the RMC.

The framework of Internal Financials Controls (IFC) and the system of Internal Audit complements the Policy by scientifically identifying, scoping and mapping risks to significant businesses, profit centers and functional areas. Risk matrices that map controls against risks in each area, are evaluated periodically. There exists an objective rating criterion for observations and time bound mitigations that are monitored. Every unit and function is required to deploy the control measures and ensure timely reporting. In the opinion of the Board, none of the above-mentioned risks threaten the existence of your Company.

REPORTING UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the associated rules, the Company has implemented a comprehensive policy to address sexual harassment in the workplace. The Company has duly constituted an Internal

Complaints Committee as mandated under the Act. During the financial year 2024 25, the Company organized remote awareness programs across its various locations to educate employees on this subject. No incidents of sexual harassment were reported during the year.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Board of Directors of your Company is satisfied with the internal financial control process with reference to the financial statements. Internal control environment of the Company is reliable with well documented framework to mitigate risks. A detailed analysis is provided in the Management Discussion and Analysis.

ANNUAL RETURN

In accordance with the Act, the annual return in the prescribed format is available at www.gevernova.com/regions/asia/in/ ge-power-india-limited/reports-financials

PARTICULARS OF EMPLOYEES

In compliance with the provisions of Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure E. However, as per the provisions of Section 136 of the Act, the Annual Report is being sent to all the members of the Company excluding the information to be provided under Rule 5 (2) & (3) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at in.investor-relations@ gevernova.com.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no significant and material orders passed against your Company by the regulators or courts or tribunals during FY 2024-25 impacting the going concern status and your Company's operations in future.

MATERIAL CHANGES AND COMMITMENTS, IF ANY OR ANY OTHER MATERIAL EVENT HAVING AN IMPACT ON THE AFFAIRS OF THE COMPANY.

There were no material changes and commitments affecting the financial position of the Company which have occurred between the end of FY 2024-25 and on the date of the report.

GENERAL DISCLOSURES

I. During the FY 2024-25, no case against the Company under the Insolvency and Bankruptcy Code, 2016 ('Code') was initiated and is subsisting as on 31 March 2025.

II. There was no instance of onetime settlement with any Bank or Financial Institution.

III. There has been no change in the nature of business of the Company.

IV. During the year the Company did not issue any equity shares with differential rights as to dividend, voting or otherwise.

CORPORATE SOCIAL RESPONSIBILITY _CSR_

Corporate Social Responsibility and inclusiveness are part of the Company's sustainability strategy. Inclusion, efficient resources management and engaging our internal and external stakeholders in the process of sustainability are part of the overall agenda. Through employee volunteering, sustainability goals and CSR efforts, the Company has endeavoured to prioritise commitment towards sustainable and inclusive development.

During FY 2024-25, the Company did not have the statutory CSR budget under the Act. However, apart from continuing and completing the Ongoing Project, the Company voluntarily spent H 5,50,000 towards Education program in GE Model Tribal villages promoting education and rural development during FY 2024-25.

INITIATIVE UNDERTAKEN BY YOUR COMPANY IN FY 2024_25

Basic Education for poor children in the tribal villages of Durgapur

Your Company in partnership with Swami Vivekananda Vani Prachar Samity (SVVPS) provides basic education in tribal villages of Durgapur, Paschim Bardhaman, West Bengal (Moldanga, Fuljhor & Kathaldanga) benefitting the education of 139 Children. This project included running of 3 education centres at Modaldanga, Bon Fuljhor and Kathaldanga which facilitated in providing teachers, educational materials like Books, copies etc., organizing cultural programs, annual sports and excursion. The Project got completed during FY 2024-25.

ONGOING PROJECTS UNDERTAKEN BY YOUR COMPANY OF FY 2021_22

Employment linked Skill Training Program for youths:

Your Company in partnership with Tech Mahindra Foundation initiated a project which aimed at providing employable skills in Amazon Web Services (AWS) re/Start program on Cloud Computing to 1,000 youths from Delhi, Chandigarh, Bangalore, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, Pune and Visakhapatnam. AWS re/Start is a full-time, classroom- based skills development and training program that prepares learners for entry- level careers in cloud computing technology and connects them to potential employers. Through real-world, scenario-based learning, hands-on labs, learners gain the technical skills they need for entry-level cloud roles. The program's mission is to build a diverse pipeline of entry-level cloud talent. AWS re/Start also focuses on building professional skills such as adaptive communication, time management, and collaboration. Under the said program, 1,286 students were enrolled out of which 1,044 students graduated while 648 students have been successfully placed. This Ongoing project began in FY 2021-22 and was marked as completed during FY 2024-25.

INVESTOR EDUCATION & PROTECTION FUND _IEPF_

Pursuant to Section 124(5) of the Act read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules'), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF established by the Central Government, after the completion of seven years. In accordance with the aforesaid provisions,H 9,19,590/- was transferred to IEPF Authority in respect of unclaimed dividend for FY 2016-17.

Pursuant to Section 124(6) of the Act, such shares in respect of which dividend has remained unpaid or unclaimed for seven consecutive years shall be transferred to Demat account maintained by IEPF Authority. In accordance with the aforesaid provisions 27,940 equity shares of the Company in respect of which dividend has remained unpaid or unclaimed for seven consecutive years from FY 2016-17 were transferred to the Demat account maintained by IEPF Authority. Due to transition from V2 to V3 MCA portal and resultant glitches in MCA 21 portal, there was a slight delay in transferring dividend and eligible shares to IEPF, however no additional fees was charged in both the aforementioned filings on the Company.

No dividend was declared or paid by the Company for FY 2023-24, hence no amount was due to be credited in compliance with Section 124(6) of the Act to IEPF Authority during the FY 2024-25.

Additionally, no dividend has been declared by the Company for FY 2024-25. Details of year wise amount of unpaid/unclaimed dividend lying in the unpaid account which are liable to be transferred to the IEPF Authority and the due dates for such transfer form part of the notes to notice of ensuing Annual General Meeting of the Company.

As on 31 March 2025, 55,803 equity shares are eligible to be transferred to IEPF Authority after 20 August 2025. Accordingly, the Company vide letter/email dated 16 May 2025 has already written to such shareholders to claim dividends which stand unpaid/unclaimed for the last seven consecutive years i.e. since

FY 2017-18, on or before 20 August 2025. Thereafter the dividend for the year mentioned above shall be transferred to the IEPF and the corresponding eligible shares shall also be transferred to demat account maintained by IEPF.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Company is submitting Business Responsibility and Sustainability Report as ‘Annexure G' to this Report.

ACKNOWLEDGEMENTS

The Board of Directors take this opportunity to thank all its shareholders, valued customers, banks, Government and statutory authorities, investors and stock exchanges for their continued support to the Company. Your Directors wish to place on record their deep sense of appreciation for the committed services by employees. Your Directors acknowledge with gratitude the encouragement and support extended by the valued shareholders and the Promoter of the Company.

For and on behalf of the Board of Directors
Mahesh Shrikrishna Palashikar
Place: Noida Chairman & Non-Executive Director
Date: 29 May 2025 (DIN 02275903)

   

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