GE Power India Limited (NSE: GEPIL) Q3 2025 Earnings Call dated Feb. 13, 2025
Corporate Participants:
Puneet Bhatla — Managing Director
Aashish Ghai — Chief Financial Officer
Analysts:
Rahul Kapoor — Analyst
Unidentified Participant
Vinod Jhaveri — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Earnings Conference Call and Respect of Interalia, the Financial Results for the Quarter Ended on 31st December 2024, hosted by GE Power India Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call? Please signal an operator by pressing Stard and zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr Puneet Batla, Managing Director of GE Power India Limited. Thank you, and over to you, Mr Bhatla.
Puneet Bhatla — Managing Director
Thank you. Am I audible and I’m — can you hear me?
Operator
Yes, sir, loud and clear.
Puneet Bhatla — Managing Director
Thank you. Dear investors, good evening. Thank you very much for joining today’s call where we will be discussing our 3rd-quarter performance. We believe you all have reviewed our results and investor presentations, which are available on our website as well as on the stock exchange. Today, I’m joined by Mr Ashish, our CFO; Mr Roshan Singh, sales leader; Mr Kalpesh Kumar Shah, the finance leader from Hydro to answer to any queries which you might have.
The global economy showed steady but uneven growth with 3.3% projection for 2025 and 2026, which is below 2019 average of 3.7%. Inflation is forecasted to ease to 4.2%, though the regional pressure still persists like the ones which are in Middle East and Ukraine. Energy sector of India is undergoing a significant transformation amidst global developments characterized by fluctuating energy prices and geopolitical tensions.
As projected, India’s growth rate is expected to remain robust to 6.5% for both 2025 and 2026, reflecting its resilience despite a challenging global economic environment. International Monetary Fund has indicated that the energy commodity prices are anticipated to decline by 2.6% in 2025, primarily due to the weak demand from China and increased supply from non-OPEC countries.
This scenario presents an opportunity for India to enhance its energy security and diversify its energy resources, particularly as country aims to transition towards renewable energy. As global energy demands continue to rise, power producers must balance the need for efficient, reliable and decentralized energy generation with environment — with environmental responsibility. While there is a strong global push towards expanding renewable energy capacity, the thermal power plant still remains a critical part of the energy mix in both developed as well as developing nations.
This presents a significant opportunity for modernization through refurbishment, technology upgrades and through the deployment of advanced solutions to curb carbon and sulfur dioxide emissions, which very well aligns with the offerings of G-Power India Limited. We have got expertise in boiler, turbine generator controls and technologies, which we Call-IT as a growth areas. The Indian power sector is undergoing a significant transformation driven by government’s push to expand RE, while maintaining the reliability of the coal power generations to meet the rising demands. This evolving landscape presents substantial opportunities for our company in the services segment.
While India aims to achieve 500 gigawatt of renewable energy capacity by 2030, coal will remain a critical component of the energy mix. Our recent Moody report estimates that an additional 40 to 50 gigawatt of coal-based capacity will be required by 2030 to support the increasing demand. Additionally, the growing demand for fuel gas desulfurization equipment in the existing thermal power plants further reinforces a strong market opportunity, which is well-aligned with our strategic priorities in G-Power.
However, the industry is now taking decisive steps to address these challenges with a renewed focus and a clear strategic directions, we are well-positioned to capitalize on the emerging opportunities in this segment. Our commitment remains steadyfast and we are confident in our ability to drive sustainable growth while contributing to environmental compliances and the industry progress.
In the month of December 2024, India’s power consumption increased by nearly 6% to 130 billion units compared to previous year. The highest supply in a day also rose to 213 gigawatts in December 2023 to 24 gigawatts in December ’24. Peak demand is expected to touch 270 gigawatts in the summers of 2025. Coming down to G-Power India’s performance during the quarter, we are excited to share that our revised business strategy of focusing on the new growth areas and derisking the high capital. Long period is paying-off as our losses to reduce — our losses will be reducing and revenue stream stabilizes.
In another key development, your company is focused on a lower-risk, higher-margin services model as we stabilize our business and build our order book among the four key growth areas, core services, services upgrades, the FGDs and, it is imperative for us to enhance shareholders’ value and gain investors’ interest as we move into the financial year with a renewed operational rigor and the financial discipline. Your company’s current strategy focusing on new growth area is progressing very well with three times growth in the order booking versus December ’23 quarter. We have received the Chal Steam Turbine upgrade order from NTPC worth INR348 crores. I’m proud to report that the company’s standalone steam power business reports profit for the second consecutive quarter.
Thank you for your patience. I will now hand it over to Ashish, who will share the financial updates with you. Ashish, over to you.
Aashish Ghai — Chief Financial Officer
Thank you, Puneet. Good evening, everyone, and thanks to all of you who have managed to join today’s call. I would like to add data points to the commercial updates that Puneet has just shared with you. Subsequently, I’ll share the financial performance of the company as well.
During the current quarter, company got orders worth INR461 crores compared to INR134 crores in the corresponding period of the last year, marking a 3x plus increase during the same-period, which just highlighted as well. In the current quarter, we saw a significant order win for Achil Steam turbine upgrade from NTPC Limited valued at INR348 crores as part of the continuing commercial strategy of your company.
Coming to the financials, we are seeing a steady and favorable shift in the sales mix where we continue to progress on execution of the FGD EPC contracts and converted to sales while on the other hand, getting the businesses like business from services are increasing. And in the current quarter, we reported revenue of INR317 crores, which is a 8% increase compared to INR294 crores in the corresponding period of the last year from continuing operations. We also saw strong focus on execution and profitability with drivers such as fire insurance claim recovery and NTPC FGD project of INR10 crores in the current quarter, which in overall supported to close that INR8 crores profit before exceptional items in the current quarter.
This is like Puneet said, second consecutive profitable quarter for the continuing business of your company. Loss before-tax, Including the exceptional item for the quarter was negative INR20 crores against loss of INR2 crores in corresponding period of last year, which includes the INR27 crores loss from the discontinued operations. So as on December 31, 2024, your company has an order backlog of INR2,706 crores from the continuing operations of Steam and standalone net-worth stand at positive INR92 crores. Before I open the forum for Q&A, I want to emphasize that your company is in a long-term turnaround journey of its financial performance, taking 1/4 at a time. We now open the forum for Q&A. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press R&1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press R&2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press R&1 to ask a question. You may press R&1 to ask a question.The first question is from the line of Rahul Kapoor from Gold Stone Capital. Please go-ahead.
Rahul Kapoor
Good evening. My question is with regards to profitability at the operating level. You know, excluding the other income, we still at a loss at the operating level. And compared to some of the other equipment makers, our employee cost still is at about 18% as compared to some of the other equipment vehicles, which is at sub 10% or about low double-digit? How do we propose to improve the profitability?
Puneet Bhatla
Thanks, Mr Kapoor. I’ll ask Ashish to respond to this question. Ashish, over to you.
Aashish Ghai
Yeah, sure. Thanks, Mr Kapoor, for the question. So yes, we — out-of-the INR8 crores this constitutes the other income, definitely. But first, I just want to clarify that a lot of other income items also includes the efforts which are being put in the in the projects itself. For example, what I mentioned in the opening speech for the NTPC Super FGD fire insurance claim recovery of INR10 crores, again something which relates to the operational cited as well. But from an accounting standpoint, it is included in other income.
So while the other income shows INR27 crores, but it does include things which are — which are on the — which are happening in reality on the sites only. But having said that, it does not mean that you know we are — we are out-of-the woods for sure. Like we have been saying that this is a long-term turnaround story. This is not — this is not a one-quarter turnaround story and it would take time while we are delivering on our commitments to the — to the customers on the long gestation cycle actually EPC contracts.
So while we are doing it, we would see you know that these mixed quarters. So this is a part of the overall two-year, three years journey and it’s not 1/4 story. So we have been reporting a steady — last-time I understand this time also, last year was INR9 crores, this time was INR8 crores, a very marginal, but steady profits and as we continue while we continue finishing the commitments on the GDPC contract and our services business grow with the strategy that we have been following for your company, we should do — we should see those improvements for sure.
Rahul Kapoor
Okay. Well, nice to know that. You know, the other question is about the FGD opportunity. Any progress which you see in the order booking on the FGD side?
Puneet Bhatla
Sir, Mr, as you know that there has been a notification which came from the which was analysed, which has done some analyst recommendation along with CSRI and and stated something. This has now been clarified and the Ministry of Environment and Forest has actually given the concession with respect to the extended timelines and the legislation still is on — still exist in the country.
So that thin air which was created at that point of time is now being resolved and the — and the power station owners have been given a little bit of a relaxation in terms of the deadlines and we are participating as per the tenders which are coming, looking into the selectiveness of those tenders as required by your company. So the process, we are seeing that the green shoots which were not available during the last quarter are now coming back-in the market. Thank you.
Rahul Kapoor
With regards to this large order of about INR400 crores from NTPC, but are these — you know, do these relate to some of these plants which are of you know, say, 30 years and older vintage or would you like to clarify.
Puneet Bhatla
Yes. So the Chal project, which we have recently for which we order has been received recently in the December 2024 quarter 384 crore. It’s — it’s a — it’s a steam turbine upgrade for an existing power stations, which is — which has been built about 25 years plus time back-in the area of it in Madhya Pradesh. And this has got three units. So these are for those units, which are old units and we are giving them the performance upgrades as well as the megawatt operating also.
Rahul Kapoor
Okay. Thanks. That’s all from my side.
Aashish Ghai
Yeah. And just to clarify the value is INR348 crores of this order.
Rahul Kapoor
Okay. Thank you.
Operator
Thank you. Participants, you may press to ask a question. Next question is from the line of Venkat, a retail investor. Please go-ahead.
Unidentified Participant
Good evening, sir.
Puneet Bhatla
Yeah. Good evening.
Unidentified Participant
Yeah, I want to know what is the current depth of our company. And another thing is that our company is going to involve in any nuclear-related projects.
Operator
Sorry, your is not clear.
Unidentified Participant
I’m audible now?
Operator
Yes, better.
Unidentified Participant
Yeah. What is the current depth of depth of our company? And another thing is whether we’re going to involve in any nuclear-related projects?
Aashish Ghai
Okay. Maybe Ashish this side. Thank you, Mr Raman, I’ll take the first one and I’ll hand over for the nuclear question to Puneet. The current debt for Japel Enterprise as on 31st December was around INR5 crores the internal cash-flow arrangement that we have. So the borrowing position is towards that. The quarter has seen a very significant increase in or let’s say, good performance on the collection as well as the cash performance overall. And we stand at marginal borrowing position as on December 31st
. Puneet, you want to take on the nuclear question?
Puneet Bhatla
Thanks, Mr Prawan. As I stated earlier, the company has gone into a revised strategy wherein we are trying to derisk our portfolio and try to concentrate on those areas wherein the working capital cycle is not too long. And we are very well-placed to work on our services for the existing steam power plant of coal, both in terms of supplying of the spares, repairs, retrofitting plus the upgrades and the modernization, NOx reductions, etc.
Aashish Ghai
I think we recently launched not so long ago the new strategy focusing on the four pillars. The intent is to financially make your company more stable after three years of continued losses. So I think we would stick to those four-pillar strategy, implement it successfully, execute it and then maybe we’ll think after that. But for now, we have launched a strategy and they are working relentlessly towards making it a successful.
Unidentified Participant
Thank you, sir.
Operator
Thank you. Participants, you may press star and one To ask the question. Next question is from line of Venkatraman retail investor. Please go ahead.
Unidentified Participant
Good evening sir.
Puneet Bhatla
Yeah, good evening.
Unidentified Participant
Yeah. I want to know what is the current depth of our company. And another thing is whether our company going to involve in any nuclear related projects.
Operator
Venkataman. Sorry, your audio is not clear
Unidentified Participant
Am I audible now?
Operator
Yes, better.
Unidentified Participant
Yeah. What is the current depth of depth of our company? And another thing is whether we’re going to involve in any nuclear related projects.
Aashish Ghai
Okay, maybe. Ashish, this side. Thank you. And your breakeven is something around 200 plus or 300 plus, right? Mr. Raman. I’ll take the first one and I’ll hand over for the nuclear question to Puneet. The the current debt for Japan level Enterprise as on 31st December was around 5 crores. For the internal cash flow arrangement that we have. So boring position is towards that the quarter has seen a Very significant increase in or let’s say good performance on the collection as well as the cash performance overall and we stand at marginal borrowing position as on December 31.
Puneet, you want to take on the nuclear question?
Puneet Bhatla
Thanks Mr. Venkatraman. As I stated earlier, the company has gone into a revised strategy wherein we are trying to de risk our portfolio and try to concentrate on those areas where in the working capital cycle is not too long.
And we are very well placed to work on our services for the existing steam power plant of coal both in terms of supplying of the spares, repairs, retrofitting plus the upgrades at the modernization, NOx reductions, etc.
Aashish Ghai
I think we recently launched not so long ago the new strategy focusing on the four pillars. The intent is to financially make your company more stable after three years of, you know, continued losses. So I think we would stick to those four pillar strategies, implement it successfully, execute it and then maybe we’ll think after that. But for now we have launched a strategy and they are working relentlessly towards making it a success.
Unidentified Participant
Thank you sir.
Operator
Thank you. Participants, you may press star and one to ask the question. Next question is from LAN of Premal Shah, individual investor, please go ahead.
Unidentified Participant
Yeah, hi, good evening. Am I audible?
Operator
Yes sir.
Unidentified Participant
My question is regarding this demerge entity, the Hydro business which is probably what you’ve mentioned in the results that would be done up by this quarter coming March. So the losses for the, for that same business are also being, you know, reflected in the results. So will they be there in the month of the quarter of March as well or how long will these losses be borne by GE Power India?
Aashish Ghai
Okay, I’ll take that. Thank you Mr. Shah and welcome back again. It’s always good to have questions on you. So on your hydro question. Yes, it remains with us. We had communicated for transfer on slump cell basis for two segments hydro and gas. We completed gas on the 30th of September.
Hydro is still with us which we communicated that is expected to be completed and transferred, you know, by end of the March was the communication and we are, we are working towards it. You know we are committed to kind of make that happen. Few approvals are awaited which, which we are working on and you should, you should hear more updates in the coming weeks on that.
In terms of the losses from, from Hydro I will, I will refresh refrain myself to commenting on will be or will we not see losses in the March quarter because it’s a forward looking statement and I would refrain from that. I hope you understand. However, to your question of till when will we see those or CC Hydro is till we, till we complete the transaction which currently we are working to complete it by 31st March. That’s what we are working towards and we are hopeful that you know if we get all the approvals that we need to successfully and legitly complete the transaction we should be able to transfer this business to the catcher entity or to the purchaser.
Unidentified Participant
Okay, so then what I mean to say is that you know there’s certain amount of realization that we. That GE Power India is going to get for the Hydro business. So these losses will be reduced down from those realizations. Right. Which you already accounted for. So in the realization for Hydro business.
Aashish Ghai
I get your question. You are right. The lockbox arrangement date and that’s a part of you know overall communication that we did at the time of the August month when we, when we communicated this transfer. The lockbox date is 1st of April 2024. So when we complete this transaction the losses that we see today would get transferred. So we will realize the, the gain when we do that.
Unidentified Participant
Okay. So basically it’s a loss today but it will be a, you know,
Aashish Ghai
A positive timing difference. Yes, it’s a timing thing.
Unidentified Participant
Okay. Yeah. Thank you. And what’s the situation on the Durgapur factory? There is a been some under recovery and the you know man hours logged in are much lower. And where have we reached over there?
Aashish Ghai
So no major surprises I would say Last time we communicated that we expect to clock around 165000 hours in the current financial year of 2425.
The estimate for that has not changed. We have clogged the hours in the nine months that we anticipated and our total year estimate remains the same around 165,000 hours.
Unidentified Participant
And your break even is something around 200 plus or 300 plus, right?
Aashish Ghai
So 60, roughly 265.
Unidentified Participant
265, so the situation on the insurance claims that are balanced to insurance claims still pending certain amounts are pending. What kind of a claim amount is still pending from autos.
Aashish Ghai
Okay. So let’s take one-by-one. Fire insurance, we have — we have collected in cash INR58 crores. So, and there is INR1.3 crores which we have kind of after selling the salvage value of the — of the remains. So around INR59.3 crores is recovered, let’s say, on project for the fire — against the fire insurance claim.
It’s more or less now completed though we have not closed the — we have not done the final reconciliation and we are in middle of that with the insurers. I would not put a number to it right now because it has an external touch point and we are working with the insurers. So you know, it will not be in interest of your company to put a number right now, so I will not put a number. But what I can tell you is the final reconciliation is ongoing and by June, we are expecting that we will close — we will settle and close this claim completely. But what I can say is that the most of the money on the Shulapur is collected and we don’t expect a very, very significant amount left on the Shulapur claim. Sure.
On, we have collected insurance claim. I mean we have collected INR20 crores and we have submitted our final claim to the insurers. The server you know is making regular visits and even this week, people are at site to kind of support the survey and the reconciliation would follow. So we are — while we are more advanced on Shulapur, there is still work to do on to kind of reach the final — final closure and settlement change. But expect that there should be an interim or there should be some money flowing in Sipat also in the next three to four months.
And in the best-case scenario, we would also what we would like to do and our targeting is that by June along with Shulapur, we conclude the insurance as well. So that’s the target internally and also now come negative to you, but I’m refrained to put any number because these are having external touch points with insurers and is not in the best interest of your company.
Unidentified Participant
So what I understand is originally had a INR99.8 crores claim, right? Or probably crores.
Aashish Ghai
9 point, yes, yes, INR99.8 crores of total loss. The loss for the — because of the fire insurance. Now the fire insurance loss comprises not only the amount — the cost or the replacement price of the material, it does also include if because of that fire, there are prolongation at sites, there are delays at site, it means that more internal cost is to be put as well as you are exposed to some liquidity damages, plus if you know because of that prolongation, there are other costs associated. So this is like the — we estimated the total loss because of that fire incident does not mean that all of it is to be taken with the insurers. This is not the cost of the equipment alone is what I’m trying to say. So don’t have one-to-one relation with that out of 158 is received and 40 is balanced. So I’m just putting a caution so that you don’t put a one-to-one correlation there. That was a loss because of fire insurance, not necessarily everything is backed by insurance.
Unidentified Participant
Okay. So my basic point was out of both these potential approval, what is the kind of anticipation that we have in receiving now? After what we have received and what the actual losses are, what will be — what — what kind of an amount can we expect, say, INR12 crores, INR15 crores, INR30 crores including both of these? That’s what my point was.
Aashish Ghai
Yeah, no, I understand and I — that’s why I said I don’t want to put a number because is an external party. So of course we are we are pushing for the maximum is what I can say. On, I gave you a good hint that there is not much left there. So on Tripad, still there is some calorie left, but on Shulapur, there is not much left there. So I would pause on that because putting a number does not puts us in a you know, a worse condition in front of the insurers.
Operator
Thank you. Premal, may I request to come back for a follow-up question, please. Thank you. Thank you. Next question is from the line of Murdi, Individual Investor. Please go-ahead.
Unidentified Participant
Yes see
Unidentified Participant
I’m. It’s — I would like to ask what is our competence in small modular reactors and what kind of ordering are we seeing in flexible operations of coal tower plants and NOS control equipment and we are not getting any corresponding boiler upgrades like for example NTPC’s India cell, we got only seen turbine upgrade, but what about the corresponding boiler upgrade for it.
Puneet Bhatla
So thanks, Mr. I’ll start one-by-one. So when we talk about the boiler upgrades, it’s not that you have not — we have not received any boiler upgrades. If you — if you remember, the previous quarter we have received a boiler upgrade from Edanta Jah. So if they are coming, it’s not that it’s only the steam turbine which is coming. So that’s the first part of the question.
Second part of the question which you asked was with respect to the Bharak modular reactor. As I said and as was announced in our revised strategy that the company is looking out at this point of time, those areas of operations which are with the reduced risks, which are not the long gestation capital working cycle. So with that perspective, we went into the four-pillar strategy which was announced and being worked at and we are seeing at least for the second-quarter that we are taking a robust, steady steps towards that and it’s a journey which we have started.
So that’s the area wherein we would be focusing for the thermal power stations in terms of its reliability, affordability and the sustainable power, with the effect and the understanding on the decarbonization and the emission controls through our spares, repairs, upgrades and the geographical expansion mode which we are working at and we are focusing at that point of — at that. And we have got a full back. Our promoter is fully backing us on this as we have explained in our previous when we launched the strategy and this was announced. So this is the way Mr Moti, we are moving and taking the steady steps and quite happy.
Just to reiterate that the second-quarter we still are moving in the right direction, which is giving us a lot of confidence in the new strategy.
Unidentified Participant
Regarding flexible operations of coal power plant, I mean, is there any active ordering happening there flexible operations for this?
Puneet Bhatla
So at this — the flexible operations are — we are still active in the flexible operations. So the flexible operations for the existing power stations are being advocated and we are in discussions with the — with the prospective customers. I think soon we should have a little bit of a movement in the market on that subject also.
Unidentified Participant
Okay. Thank you.
Operator
Thank you. Participants, you may press star in one to ask a question. Next follow-up question is from the line of Rahul Kapoor from Goldstone Capital. Please go-ahead.
Rahul Kapoor
Yeah. In regards to this service upgrade opportunity. I would assume that be lot of plants using the GE technology, in operation in the African countries and Asia other countries in Asia-Pacific. Are we looking at opportunities to upgrade some of these plants?
Puneet Bhatla
So Mr Kapoor, from the India perspective, we have got the to work-in about 13 countries for the boiler upgrades and in India, both boiler as well as the steel turbine upgrades. Any — and we are — we are mandated to upgrade any — any of the fleets, be it a G fleet or be it a and be it a non-OEM. This is as per the strategy which we announced previously. I would just like to remind all of you towards that strategy presentation, which we all did it in the previous.
Rahul Kapoor
So that means that there is a — there is all possibility of getting some orders from these 13 countries which you just mentioned, and you — are you looking for opportunities there?
Puneet Bhatla
Come up just again once again for and.
Rahul Kapoor
So you mentioned that you have 13 countries where probably you could be servicing some of the Operations G plants. Are you actively looking for orders there? And do we expect some orders in future for upgrades?
Puneet Bhatla
Yes, we are actively looking out for the spares and the repairs opportunities over there. And in the previous quarter and before that also we have received few orders as we said about 10 crores or something like that.
Aashish Ghai
So we have already booked. So I would say we have — Mr, we have our foot on the door in many of these countries. For example, we have got the orders from Saudi. We have got orders from Turkey, we have got orders from Malaysia, we have got orders from Dubai. So we have — we have got orders from a lot of these countries. So we have got a foot on the door and as per the new strategy, which is — which the fourth pillar, if you see, is essentially about exporting and expanding the regions beyond India. So we are working towards it. So we have got the first orders in many countries now which is we are working towards expanding it and it.
Rahul Kapoor
I see. Okay. So that’s interesting to know. But would it seems that some of these orders haven’t picked-up any significant size can we expect some significant orders also in future?
Aashish Ghai
These are spare orders? Definitely. I mean, even if in India, you see these are spares order and the thing about spare order is that the sizing this is of secondary importance, the quantum of order is of primary importance. That’s how we do businesses in India also. And I think it would remain like that there also Mr Kapoor. So more-and-more orders is the focus. So we don’t want an order of — well, let’s say not that we don’t want, that’s the wrong thing to say. But we are okay not having an order of INR50 crores in one year, but get maybe INR1 crores of 100 orders in a year. I’m just saying, I’m putting hypothetical numbers there, but just the mindset of how we are approaching it.
Rahul Kapoor
Okay. I would also assume that some of these thermal plants with the state electricity boards are currently operating would be quite old and probably require upgrades. And also what I understand the central government has asked the state electricity boards to keep their plants up and running. Can we expect some orders from — and would you be willing to take some of these orders through the electricity board?
Puneet Bhatla
Yes, we would be willing to support our Indian installed-base with the capabilities which we have got. So there is nothing which I can say we would not be trusted. So definitely will be trusted and we are working for that.
Rahul Kapoor
Okay, thanks. Thank you.
Operator
Thank you. Participants, you may press star and one to ask a question. Next follow-up question is from the line of Raimal Shah, Individual Investor. Please go-ahead.
Unidentified Participant
Hello.
Operator
Yes, yes, Raymond, go in.
Unidentified Participant
Yeah, yeah. Rayman you. Now after that meet the IO report, which is already — you mentioned earlier that the government has still decided that the FGD deadlines are going to be there. So the original deadlines are ’25, ’26 and ’27. So are they still relevant or there has been any changes in those?
Puneet Bhatla
So it was ’26 onwards, your — your dates are not very, very correct, but the three years extension has been given to each and every category.
Unidentified Participant
So that’s 26, 27, 28, 28 and 29 28. Okay. So this is your third extension. Okay. All right. Thank you.
Operator
Thank you. A reminder to all the participants, you may press star and R&1 to ask the question.Next question is from the line of Vinod Zaveri from Pure Technicals. Please go-ahead.
Vinod Jhaveri
Am I audible?
Operator
Yes, Vinod. We can hear you.
Vinod Jhaveri
Okay. I just ask you, Indian government is opening up the nuclear power plants category and they want to go in an aggressive manner. Does the company G-Power India have any plants to enter that field and want to participate aggressively or they don’t — they don’t have such plans right as of now?
Puneet Bhatla
So Mr Vinod, as I — I would just reiterate the information which I already said earlier also that when the new strategy of the — of your company was announced, we decided that we would only be focusing on the derisked opportunities with the short cash cycle and we have already started taking debt strategy onwards and this is the second-quarter which — in which we have actually seen the fruits of that, we are moving steadily on towards that.
In that strategy, just to remind you that we would be focusing ourselves on the spares, repairs and the upgrades and the retrofits of the thermal power station plants as an installed-base in the country plus identified geographical countries.
Vinod Jhaveri
Okay.
Operator
Do you have any follow-up question?
Vinod Jhaveri
Thanks.
Operator
Thank you. A reminder to all the participants, you may press RN1 to ask a question. You may press RN1 to ask a question. As there are no further questions, I will now hand the conference over to Mr Bhatla for closing comments. MR. Puneet, would you like to give any closing comments?
Puneet Bhatla
So sorry, it was on-mute, sorry. Thank you all once again for joining the call today. I would summarize by saying that the year which we have started with having a lot of clarity for our future business, we have already taken the strategy into the second quarter wherein we have already taken the good steady steps on the success. And I’m very sure that we are moving in the right direction and that will place in a well-positioned situation. We have also increased our order by three times from a previous quarter and I would be — I am very proud to state this thing in front of you from your on the behalf of your company.
I close this by reiterating what Ashish has already mentioned that this is the phase which we have started and it’s a long-term journey. We are moving confidently into this and we are sure that we would be moving in the right direction with the success to come to us. Thank you.
Operator
Thank you very much. On behalf of GE Power India Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you