GE Power India Limited (GEPIL) announced its financial results for the fourth quarter and full financial year ended 31 March 2025, during an earnings conference call held on 30 May 2025. The call was attended by Mr. Puneet Bhatla, Managing Director, and Mr. Aashish Ghai, Whole Time Director and Chief Financial Officer.

Management highlighted the broader economic context, noting that while global growth is expected to moderately slow from an estimated 3.3% in 2024 to 2.8% in 2025, India's economy continues to demonstrate robust growth, projected at 6.2% in 2025 and 6.3% in 2026. India's power consumption increased by nearly 7% in March 2025 to 148.48 billion units, with peak power demand expected to reach 277 gigawatts in summer 2025. Coal demand also rose by about 5.5% in 2024.

Key financial and operational highlights for GEPIL include:

• The company's business strategy, focused on new growth areas and reducing exposure to working capital/long gestation projects, is starting to deliver results with narrowing losses and stabilizing revenue streams.
• Operational excellence led to a 12-point increase in actual margins in core deals.
• The strategic sale of Hydro and Gas businesses significantly strengthened the company's standalone net worth to ₹233 crores as on 31 March 2025, compared to ₹57 crores as on 31 March 2024.
• GEPIL achieved its highest-ever order intake from continuing operations since financial year 2019-20.
  • Order intake for Q4 FY25 was ₹285 crores, a 22% increase from ₹232 crores in the corresponding period of the previous year.
  • For the full financial year 2024-25, orders booked totaled ₹2,183 crores, nearly double the ₹1,171 crores recorded in the previous year.
• Key orders include FGD EP orders from Jaypee Bina & Nigrie, and Steam Turbine upgrades from NTPC (Vindyachal) and Gujarat State Electricity Corporation Limited (Wanakbori).
• The company secured orders worth ₹548 crores in the Core services pillar in FY 2024-25, up from ₹501 crores last year, providing a sustainable revenue runway.
• Order backlog as on 31 March 2025 stood at ₹2,662 crores, a significant increase from ₹1,587 crores as on 31 March 2024, with improved margins (200 basis points).
• Revenue for Q4 FY25 was ₹266 crores, an 8% increase from ₹247 crores in the corresponding period last year. Full-year FY25 revenue sustained at ₹1,047 crores versus ₹1,039 crores in the previous year.
• The sales mix is shifting towards services, with approximately two-thirds of sales coming from this segment.
• Profit Before Tax (PBT) for Q4 FY25 was a positive ₹189 crores, compared to ₹23 crores in the same period last year. This includes an exceptional gain of ₹219 crores from the Hydro business transfer.
• For the full financial year, PBT stood at ₹224 crores, a substantial improvement from a loss of ₹177 crores in the previous year. Exceptional gains from the slump sale of Hydro and Gas businesses amounted to ₹262 crores in the current year.
• The company holds a surplus net cash position of ₹433 crores as on 31 March 2025, being in a net investment position with a fixed deposit of ₹264 crores in a nationalized bank, confirming it is a debt-free company.

Management addressed investor queries, reiterating commitment to the 4-pillar strategy (core services, upgrade services, FGDs, and Durgapur operations). They noted that clarity from the Ministry of Environment and Forest regarding FGDs has boosted confidence, with GEPIL being declared L1 in one FGD project. Regarding the Durgapur facility, utilization for FY25 was 165,000 hours (out of 242,000 capacity), and efforts are ongoing to improve utilization by focusing on non-coal areas (pressure vessels, cryogenics) and exports, with ₹18 crores worth of orders booked in this pillar in FY25. The company clarified there are no plans for a name change to GE Vernova.