GE Power receives order worth ₹243 crore from NGSL, stock trades higher

GE Power reported the order's value at ₹243.46 crore and expects to execute it within 33 months.

NTPC GE Power Services (NGSL) is a joint venture between NTPC and GE Power. NGSL participated as the lead bidder in the bidding process, while GE Power participated as the consortium partner. NGSL will be responsible for all critical supplies, including the design, engineering, testing, and commissioning of the system.

GE Power announced last month that it had secured an order from Torrent Power for the repair and service of a steam turbine. The order value stood at ₹19 crore and is expected to be executed within 89 days.

During the fourth quarter of the financial year 2024, GE Power reported a net profit of ₹25.9 crore compared to a net loss of ₹129.7 crore in the corresponding period last year. The total income during the quarter rose 30.7% year-on-year (YoY) to ₹469.89 crore. The quarter ended with an order backlog of ₹3,309 crore, down by 8.5% compared to the same period last year.

Prashant Jain, Managing Director, GE Power India said 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 to the revenue going up by 14% vs. Q4 of the previous year,” he said.

Shares of the company have risen by nearly 78% since the beginning of the year. The stock has gained over 145% in the last one year.