GE Power Receives Additional Turbine Order For Hydro Business From Greenko

GE Power India Ltd. received an order for an additional 320MW vertical Francis pump turbine unit from Greenko KA01 IREP Pvt., according to an exchange filing on Thursday.

This is an addition to a previous order placed by Greenko in April 2022, broadening its scope. The order constituted a 1,280 MW Saundatti hydropower project in Karnataka, covering design, supply and installation of the pump turbines.

The broad consideration of the order is worth Rs 273.5 crore, which is expected to be executed by Nov. 22, 2027.

GE Power had previously announced a plan to sell its hydro business to GE Vernova Hydro Power India Pvt. at a premium of Rs 100.2 crore over the fair market value determined by an independent valuer. The sale is expected to be completed in the last quarter of this fiscal, the company had said on July 11.

As the aforementioned order falls under the hydro business segment, it will be "accounted for in accordance with the provisions of the business transfer agreement between both the companies", the filing added.

The company posted a consolidated loss of Rs 18.5 crore in the December quarter on increased expenses. It had logged a profit of Rs 37 lakh in the year-ago period, the filing stated.

Total income rose to Rs 344.2 crore from Rs 313.1 crore. Expenses increased to Rs 336.4 crore from Rs 304.6 crore in the third quarter last fiscal.

Shares of GE Power closed 3.57% lower at Rs 244.75 apiece on the National Stock Exchange, compared to a 0.01% decline in the benchmark Nifty. The share price has fallen 19.79% on a year-to-date basis, and the relative strength index stood at 54.51.