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GE Power India Ltd.

BSE: 532309 Sector: Engineering
NSE: GEPIL ISIN Code: INE878A01011
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OPEN 132.40
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VOLUME 4598
52-Week high 254.35
52-Week low 123.00
P/E
Mkt Cap.(Rs cr) 875
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
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OPEN 132.40
CLOSE 133.30
VOLUME 4598
52-Week high 254.35
52-Week low 123.00
P/E
Mkt Cap.(Rs cr) 875
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

GE Power India Ltd. (GEPIL) - Director Report

Company director report

FINANCIAL HIGHLIGHTS

Particulars Year ended 31 March 2022 Year ended 31 March 2021
Profit/(Loss) before exceptional items tax interest and depreciation (221.0) 2486.3
Less: Interest/Finance Costs 824.3 672.2
Less: Depreciation and amortisation expense 437.2 500.6
Profit/(loss) before exceptional items and tax (1482.5) 1313.5
Exceptional item 1452.1 363.0
Profit/(loss) before tax (2934.6) 950.5
Provision for taxation
- Current tax (17.5) 159.8
- Tax related to earlier years - -
- Deferred tax charge (credit) - 122.4
Profit/(loss) after tax (2917.1) 668.3
Balance brought forward from previous year in the state- 6552.2 6018.4
ment of profit and loss
Profit available for appropriation 3635.1 6686.7
Appropriations
a) Transferred to General Reserve - -
b) Dividend paid 67.2 134.5
c) Corporate Dividend Tax paid - -
Balance carried forward to Balance Sheet 3567.9 6552.2
Proposed Dividend - 67.2

DIVIDEND

In compliance with the Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 (‘the Listing Regulations’) asamended from time to time your Company has adopted a Dividend Distribution Policy. Thispolicy specifies the parameters of distribution of dividend with objective of deliveringsustainable value to its stakeholders. The Dividend Distribution Policy of the Company isannexed as ‘Annexure A’ to this Report.

After reviewing the annual financial statements of the Company for FY 2021-22 theBoard did not year in line with the Dividend Distribution Policy of therecommendanydividendforthesaidfinancial

Company.

TRANSFER TO RESERVES

No amount was transferred to reserves during FY 2021-22.

STATE OF COMPANY’S AFFAIRS

Operations – The year in review

India is at a critical junction in the history of energy transition which requires thecountry to rapidly add alternative sources of energy generation to reduce the carbonemissions. The country’s battle against climate change requires massive reforms toachieve the decarbonisation goals through lower dependence on fossil fuels. Theannouncement of reaching net-zero emissions by 2070 and achieve 50% of electricityrequirements through renewable energy by 2030 is a step in this direction. However thecountry has still a long way to go as conventional sources of energy still contributesignificantly to electricity generation. Over the last two decades the country hasaccelerated its focus on development of renewable energy sources. But the critical issueslike grid infrastructure and energy access in the hinterlands are hampering the growth ofrenewable energy sources. Though the share of renewable energy sources in installed powercapacity has gone up significantly in last decade it’s share in electricitygeneration is low.

Coal which has been the backbone of country’s power sector since last fewdecades still has around 78% share in the electricity generation. As per data availablefrom National Power Portal the focus on electricity generation through renewable energyrose till 2019-20 but the two years of pandemic put a brake on the growth trajectory ofrenewable power. After declining to 76.8% in 2019-20 the share of coal based electricitygeneration rose to 78.8% in 2021-22. In fact according to the International Energy Agency(IEA) higher coal usage for electricity generation led to growth in carbon emissions in2021 for the country. IEA estimates 4%1 coal demand growth per year for thecountry following strong economic recovery and increasing electrification rate.

This will add around 1302 million tonnes to coal demand between 2021 and2024 although the coal production is unlikely to keep pace with this surge in demandresulting in higher coal prices.

With rising income and improving standard of living the electricity demand in thecountry rose significantly in first remain high during rest of the year thereby leadingto severe shortage of domestic coal. Despite the efforts source of energy across thecountry to provide the country’s large population the country’s coal-basedpower plants have to be kept connected to the Grid. This is expected to continue finaluntilcleanerenergyoptionsofsolarandhydroarecheaperforthe consumer. So far the coal-basedpower plants are supplying electricity to majority of households in India. Your companywill play a vital role through supporting energy transition and sustainability journey ofthe power sector by driving adoption of Flue Gas Desulphurization (FGD) andfulfillingmarket needs of services for improving the efficiency of thermal power plants.

Over the next three years around 210 GW of coal powered thermal plants are required tomeet emission norms as originally proposed by the Union Ministry of Environment Forestand Climate Change (MoEF&CC) in 2015. This guidelines for emission norms werere-revised for the third time by the Ministry in April 2021 categorising the plants thathave to comply with emission norms 2024. As per an analysis by Centre for Science andEnvironment (CSE) in Dec 2021 showed 483 power plants out of 79 which fallunder the first category A of ‘within

10 kms of NCR or cities having a million plus population’ will not be able to meetthe emissions guidelines before the deadline of Dec 2022 and around 2104 powerplants under all three categories are likely to miss the target of achieving the emissionstarget by the last deadline of Dec 2024. However the better part is 65% of overall 596plants will implement the emissions regulations which shows the kind of businessopportunity that is prevailing for FGD whether dry or wet over next three to four years.

Your Company is equipped with unparallel expertise of a quicker turnaround of theprojects in FGD space. We are executing India’s firstproject (Hindalco IndustriesLimited (1x150MW) for their Aditya

Aluminium Plant Lapanga in Sambalpur Odisha) which will facilitate SO2 removal withlower water consumption smaller footprint utilization of existing stack lesserlifecycle cost and lesser implementation time. There is also potential in the FGD marketof 225 GW of which about 87 GW has been ordered and 133 GW is to be ordered whichpresents an opportunity worth ~ H 67000 crore.

Over last couple of years your Company has continued to focus on the services segment.Your company is well positioned to offer services such as emission compliance(NOx/SPM/CO2) upgrades-fuel conversions/ efficiency/ availability etc. flexibility-

Substantial RE integration needs and grid stability needs-with high REpenetration-syncon. The services segment has good margins. It also offers the opportunityto develop and operate in a niche and to develop additional specialization.

BOILERS

Your Company’s execution unit at Noida and manufacturing facility at DurgapurWest Bengal is capable of manufacturing Supercritical and Ultra Supercritical Boilersequipped with the latest manufacturing technologies. Your Company in partnership withBHEL accomplished the significant milestones in the FY 2021-22.

Major milestone achieved by your Company in FY 2021-22:

1 x 150 MW CEL II Sihanoukville Cambodia – PG Test completed successfully 3x660MWNTPC Nabinagar STPP - Unit#2 - COD achieved 2x660 MW Suratgarh Unit#2 CODachieved

2X800 MW NTPC Darlipali STPP Unit#2 COD achieved 2X800 MW NTPC Gadarwara STPP- Unit#2 COD achieved

Key Erection & Commissioning Progress on Projects with BHEL-GE partnership:

2 x 660 MW Maitree Bangladesh – Unit #1 Non Drainable hydrotest completed 3x660MW NTPC Nabinagar STPP - Unit #3 – Boiler full load and trial run completed 2x800MWNTPC Telangana STPP – Onsite Shot peening of

Final SH coil completed

1x660 MW Panki – Drainable hydro test completed

3x800MW PVUNL Patratu STPP – Pressure part erection in progress

Manufacturing highlights of FY 2021-22 from the Durgapur factory:

Boiler Pressure Parts manufacturing & engineering:

1x660 MW Bhusawal – 100% pressure parts supplies completed 2x660MWUdangudi - 100% pressure parts supplies completed 3x800MW NTPC Patratu STPP – 100%Pressure parts supplies completed for Unit #1 . Unit# 2 100% manufacturing completed

New orders from BHEL-GE partnership:

Udangudi– 2x660 MW Boiler with Supercritical steam parameters.

Service Contract signed for Technical field

Other manufacturing jobs from Durgapur factory:

Service Boiler – Various supplies were completed without risking delay L/DsFGD – Completed supplies of key critical components

MILLS

Highlights during FY 2021-22

Successfully completed export of Hassyan mill components Manufacturing completed for 10nos Rihand Mill and service contract (Kaparkheda Marwa JSW Ukai)

AIR QUALITY CONTROL SYSTEMS

Your Company signed a contract with M/s Apollo International for installing a WetLimestone FGD system at the 2x600 MW MB Power project in Anuppur MP. This is the firstWet

Company from a private IPP and your Company will partner with M/s Apollo Internationalwhich is the lead EPC contractor.

Key milestones in the projects under execution

Your Company achieved a few important milestones:

1. Gas-in and commissioning of one unit of FGD each at APCPL Jhajjar and NTPC Unchahar.

2. Successfully completed erection milestones across multiple FGD projects underexecution viz. completion of erection of chimney absorber etc. and well positioned tocomplete the other contractual milestones in the future.

3. Achieved Final acceptance certificate or FAC of the ESPs supplied to M/s CenalKarabiga Power station in Turkey.

Key highlights for FY 21-22:

Four major service orders win worth H 1500 million from STEAG

Tata Power JSW Steel and Maharashtra State Power Generation

Company Limited including retrofitting 2X600 MW Chinese make Boiler upgrading steamgenerators to meet NOx emission norms upgrading mill components for a steel plant andsupply of LP Turbine rotor respectively.

Successfully completed the customer Factory Acceptance Test (FAT) for unit-1 excitationsystem for Godda project 2X800MW Adani Power.

Successfully completed Factory Acceptance Test (FAT) and dispatched TG Controller forUPRVUNL Obra Unit 2 order for your Services outage for a fly ash erosion problem in boilerbackpass in unit#2 660MW Chinese fleet Adani Power Tiroda plant.

Conducted annual overhauling of TG set of Unit#1 & 2 at Raipur Energen Ltd.Raikheda for Adani Infrastructure Management

Services Ltd and completed the task five days ahead of the schedule in total.

IOCL Haldia NG provision (Oil + NG)

Received 1st Operational Acceptance Certificate for Combustion Modification Packagefrom NTPC Dadri 2 X 490 MW Units

Performed Emergency Generator rotor repair for Jaypee Bina thermal power plant whichincluded trouble shooting on-sites repairs supply of damaged component and assembly. Thejob was carried out in the shortest possible time by activating GE emergency responsesystem

Commissioning and PG test of Hindalco RPD Unit#3 Steam Turbine Upgrade

Generator Rewinding for RPD done at Site.

Commissioning and COF of NTPC Ramagundam Unit#3 Steam Turbine Upgrade

PG test of Unit# 4 ESP at NTPC Unchahar Stage 2

Offline Cuproplex cleaning of Unit#5 - 500 MW BHEL Generator at NTPC-Korba completedahead of schedule by 2 days with satisfied results of the process.

Completed overhauling of TG set of Unit#1 (250MW) at Tamnar plant for Jindal PowerLimited and ahead of the schedule.

Final Commissioning and PGRT Completion Certificate issued by

IOCL for the contract of Design Supply Installation Commissioning

Testing of New Flue Gas Cooler at Barauni

Completion for Facility (CoF) Certificate for Combustion Modification Job carried outat NTPC Vindhyachal Super Thermal

Power Station Unit 11

Performed Emergency repair of Generator Stator Earth Fault for NLC-NEYVELI-TSII - StageII -210 MW-U#5 which included trouble shooting on-sites repairs supply of damagedcomponent and assembly. The job was carried out in the shortest possible time byactivating GE emergency response system.

First of its kind order received for High Pressure Turbine Module (barrel design)repair at factory from Adani - Dahanu Thermal Power Station (ADTPS) for their 250MW unit.

AUTOMATION AND CONTROL

Your Company received the following new orders in the FY 2021-22:

Vibration Monitoring & Analysis system (VMAS) at Adani Kawai 2* 660 MW ThermalPower Plant in Kawai Rajasthan India

Vibration Monitoring & Analysis system (VMAS) at Adani Tiroda 5* 660 MW ThermalPower Plant in Tiroda Maharashtra India Vibration Monitoring & Analysis system(VMAS) at CLP Jhajjar 2* 660 MW Thermal Power Plant in Jhajjar Haryana India.

HMI Upgradation from Windows 7 to Windows 10 including Cybersecurity for Unit #1 2& common at Keppel Combine Cycle Power Plant in Singapore.

HMI Upgradation from Windows 7 to Windows 10 for Unit #1 & 2 at Kelar Combine CyclePower Plant in Chile.

HMI Upgradation of ALSPA Turbine Control Systems for Unit #5 at Hindalco Industrieslimited 68 MW RPD Captive Thermal Power Plant in Renusagar Uttar Pradesh India

.

Static Digital Excitation System upgrade for unit#2 at Ras Laffan

Power Company project in Qatar

HMI Upgradation from P320 to ALSPA Series 6 at GSECL Utran Combine Cycle Power Plant inUtran Gujarat India.

Smart Retrofit from P320 to MarkVIe of DCS & Turbine Control

Systems for Unit #8 at MosEnergo Thermal Power Plant-26 in Moscow Russia Ex2100eRegulator upgrade & Generator Protection relay for 17MW GTG-2 at NFL Vijaypur in MadyaPradesh India

Your Company achieved the following milestones in the FY 2021-22:

Domestic Projects

In Adani Kawai VMAS Upgrade project the server was upgraded to the latest softwarewhich was dispatched in Dec 2021. Successfully commissioned & handed over to thecustomer in Feb 2022. In Adani Tiroda VMAS Upgrade the server was upgraded to the latestsoftware which was dispatched in Feb 2022. Successfully commissioned & handed over tothe customer in Mar 2022. In CLP Jhajjar VMAS Upgrade project the server was upgraded tothe latest software which was dispatched in Mar 2022.

Export Project

Kelar HMI Upgrade – Windows 7 to Windows 10 HMI Upgrade Based in Chile for HMIUpgrade of 2 units of ControGas. The virtual FAT was completed with the end customer andsystem was dispatched in Oct 2021. Successfully commissioned in Dec 2021 & handed overto customer.

Keppel HMI Upgrade - Windows 7 to Windows 10 HMI Upgrade including Cybersecurity Basedin Singapore for HMI Upgrade of 2 units & common. It was one of the biggest cyberprojects executed completely from India. One of the biggest systems was dispatched in Dec2021 & one unit and common was successfully commissioned in March 2022. Commissioningof second unit is planned in May 2022 outage.

Qairokkum Hydropower Rehabilitation Power Project - Supply of new 6 no’s of StaticDigital Excitation System in Tajikistan Four units of Static Digital Excitation Systemwere supplied to QAIROKKUM project in Tajikistan in FY 2021-22. Remaining last unit willbe supplied as per the project schedule.

RLPC STG Excitation System upgradation Project - Supply of new 1 no of Static DigitalExcitation System for Steam Turbogenerator unit-2 in Qatar.

Complex retrofit project where the Static Digital Excitation

System was supplied to RLPC project in Qatar in Q4 2021 with end-to-end solutionincluding basic/detail design testing dispatch dismantling & commissioning.

The Unit is focused on delivering operational excellence in Automation & ControlsSolutions partnering with customers and being one of the "Centre Of Excellence"for Engineering in the world of Automation & Industrial Internet.

GAS POWER

The Gas Power in your Company is part of the GAS ASIA region and is actively involvedin managing projects in South Asia sub region. While managing the projects in the southAsia it also is supporting gas projects globally for engineering procurement andconstruction services including resource deployment to global project sites. The Gas PowerNoida Execution center of your Company is presently managing following projects and CoEactivities:

Summit Meghnaghat II first flagship 9HA.01 project in country a dual fuel 600 MW CCPPin Bangladesh where GE is the lead EPC contractor with a Chinese internal consortium on aTurnkey basis. GE scope is supply of main power island equipment: GT HRSG ST BFP etc.;while partner’s scope is the supply of BOP and construction at site. Civil works arepresently ongoing at the site and HRSG erection has started

Unique project is again a 600 MW CCPP on Turnkey basis; where GE is in closedconsortium with a Chinese partner. GE scope is supply of main equipment GT 1 x 9HA.01 andpartner’s scope is BOP works including complete construction a site. Presently civilconstruction at site is ongoing

Bhola 2 is a 220 MW Gas based EEP project in Bangladesh where GE is supplying two6F.03 gas turbines two HRSG’s one steam turbine and AUX equipment. All the majorequipment deliveries are completed and the project is now under advanced stage ofcommissioning

Shajibazar 100 MW gas based equipment only project in Bangladesh where GE issupplying one gas turbine LMS 100 and allied MSD’s. GT first fire has been achievedand plant has reached FSNL with reliability run and COD expected in Q3’

HPCL Vizag 75 MW Gas based EO equipment only project in India where GE is supplyingone 6F.03 gas turbine and allied MSD’s to BHEL. The equipment deliveries from GE arecompleted and the project is in installation and commissioning phase currently

Khulna is 300 MW CCPP in Bangladesh where GE is suppling GT ST and generators.Presently GT and generator erection activities are ongoing. GT first fire and simple cycleCOD expected in Q3

2021. Steam turbine and steam turbine generator are planned to be picked up by customerin Q1 2021 which are ready at ports in USA. Combined cycle COD tentatively planned in Q42021

In addition to the above projects your Company is also involved in providing detailedengineering services procurement and construction support for several other projects inthe region.

Your Company’s engineering team is providing support on the basic as well as thedetailed engineering work for GPS global projects. Some of the EPC combined cycle projectswhere GPS Noida engineering team is involved are Chia Hui Datan 8&9 Hasinta inTaiwan Dolan Odra and Ostroleka in Poland. Besides these there are various Gas Powerpartner projects such as Dihiqar Samawa and Waad AL Shamal in Middle East Regionalprojects in Bangladesh Melaka Jawa 1 Tambak Lorok project MT4A in Asia which arecurrently underway at various stages of execution. The engineering team is alsocontributing towards equipment only and EEP projects in US Latin America Africa andSouth East Asia. The Noida team is also involved in NPI support for fast power projects.

Managing procurement activities for balance of plant equipment for global Gas projectslike Wad Al Shamal in Saudi Arabia Zubair

Besmaya Samawa and Dhiqar in Iraq SEWA Hamriyah in UAE Summit Meghnaghat II UniqueMeghnaghat in Bangladesh. Procurement team is also responsible for supporting selection& qualification of suppliers placement & execution of purchase orders ensuringontime delivery of equipment to sites.

Your Company is involved in providing construction & commissioning expertise andsite management services for Gas based power projects some of the site are Zubair Dhiqarand Samawa projects in IRAQ Waad Al Shamaal in Saudi Arabia Summit Meghnaghat 2 andUnique Meghnaghat in Bangladesh.

Your Company is providing a multi-disciplinary support to the projects in GE portfolioacross the globe. Services being provided by Noida center for HRSG are project executionthrough project fulfilment management and project engineering. Further engineeringsupport is provided across all centre of excellence disciplines including structurepressure parts piping & equipment etc. HRSG projects being managed from Noida centerare Indeck Niles and Guernsey (US) Chia Hui Datan 8&9 (Taiwan) Dolana OdraOstroleka (Poland) SEWA (UAE) Meghnaghat II Unique (Bangladesh) T4A Tadmax (Malaysia)and Zainskaya (Russia) etc.

HYDRO

Your Company successfully synchronized all three units of (3x40MW) Bhabha HydroelectricProject in Himachal Pradesh after complete renovation of existing Static ExcitationSystem Unit Control Board Electro Hydro Governor and latest Control & Monitoring(SCADA) system.

The contract was awarded to your Company in August 2018 and came with multiplechallenges including material supply and difficult geographical location of the plant interms of accessibility.

On site activities started in December 2019 with an accelerated schedule of 3.5 monthsfor each unit including erection testing and commissioning.

Despite challenges due to the pandemic in 2020 the entire team worked to commissionthe first unit by early September 2020. The synchronization for 2nd unit to the grid wascompleted in February 2021 4 days in advance of contractual date and the last unit wascompleted and synchronized to the state grid on 25 April 2021 1 month ahead of thecontractual delivery date.

Indira Sagar Project India’s second-largest surface-mounted power plant wasawarded to your Company in December 2018 for the renovation and modernization of thegoverning system of 8 x 125MW by Narmada Hydroelectric Development Corporation (NHDC). Itwas also the first of its kind governing system manufactured in India with manifold designat the supplier’s location. It involved a new product introduction of valve series(GPV80 and GDV16) in the oil hydraulic system for performance improvement. While facingthe uncertainties due to the pandemic consistent and systematic approach like regularcross-functional review meetings and team support paved the way for successful executionof the project. Within 4 months the entire 8 units were refurbished and synchronized intime to meet customer’s expectations.

2GW Subansiri Hydro-electric Project India’s largest Hydropower projectrestarted.

Subansiri HEP (Francis machine) was delayed for almost 10 years due to several issuespreventing site access. The customer restarted the site operations in December 2020 andyour Company resumed site work post customer’s intimation during January 2021.

Your Company achieved its first critical milestone of lowering the

Stator assembly for unit 1 (weighs 395 tons and its bore diameter measures 11.50m) intothe generator pit.

Tidong is the first Pelton turnkey project being executed by your

Comapny in India.

Your Company is delivering 3 units of 50MW Pelton machine for this project in theKinnaur district about 250 kms from Shimla. The erection activities of the project are infull swing.

Your Company has successfully erected the Runner of Unit 1. Further the turbine andgenerator rotor shaft of Unit 1 was rotated for the first time eliminating interferenceissue. The stator and rotor were lowered (weighing ~ 100MT) for unit 2.

The project is progressing well mechanism to grapple with power shortage in itserection phase.

Your Company signed a contract with Druk Green Power Corporation Bhutan to supplyNozzles with accessories for Tala Project to be completed in 42 months with the contractvalue of H 255 million.

WAY FORWARD

Despite country’s transition towards renewable energy-focused power sector thethermal power segment is likely to be backbone for the economy for at least next twodecades as the country develops key grid infrastructureand scenario in the country. YourCompany is poised to fully leverage the evolving energy transition through focus onrenewable energy integration decarbonisation and controlling the carbon emissions fromconventional coal-powered thermal plants. Your Company’s focus on services segmentand initiatives in the renewable energy segment will strongly support its growthtrajectory so as to ensure it capitalizes on every opportunity available in the powersegment.

DIRECTORS

The Board of Directors in compliance with Section 161 of the Companies Act 2013 andthe rules made thereunder (‘the Act’) Listing Regulations read with theArticles of Association of the Company and upon recommendation of Nomination andRemuneration Committee appointed Ms. Shukla Wassan (DIN 02770898) as an Additional

Independent Director of the Company for the first term of five (5) years from 29November 2021 to 28 November 2026 subject to the approval of the members and such otherapprovals as may be required . In the opinion of the Board Ms. Shukla Wassan fulfilledthe conditions specified in the Act and rules made thereunder and the

Listing Regulations for her appointment as an Independent Director of the Company andwas determined to be independent of the management. The Board opined that Ms. ShuklaWassan is a person of integrity and possesses relevant expertise (including theproficiency) and experience to be appointed as an independent director of the Company andthus appointment of Ms. Shukla Wassan as an

Independent Director was considered as beneficial to the Company.

Her appointment was subsequently approved by the members of the Company through PostalBallot on 20 January 2022.

In compliance with Sections 152 196 197 and 203 of the Act read with Schedule V andother applicable provisions of the Act and the Articles of Association of the Company andupon recommendation of Nomination and Remuneration Committee the Board of Directors inits meeting held on 29 November 2021 re-appointed Mr. Prashant Chiranjive Jain as ManagingDirector of your Company for a second

(5) years with effect from 17 April 2022 to 16 April 2027 termoffive subject to theapproval of the members and such other approvals as may be required. His appointment wassubsequently approved by the members of the Company through Postal Ballot on 20 January2022.

Further in compliance with Sections 196 and 203 of the Act read with Schedule V andother applicable provisions of the Act and the Articles of Association of the Company andupon recommendation of Nomination and Remuneration Committee the Board of Directors inits meeting held on 10 December 2020 appointed Mr. Yogesh Gupta (DIN 01393032) asWhole-time Director of the Company for a period of three (3) years from 16 December 2020to 15 December 2023 subject to the approval of the members and such other approvals as maybe required which was subsequently approved by the members of the Company in its 29thAnnual General meeting (AGM) held on 10 August 2021.

The members of the Company through Postal Ballot on 20 January 2022 approved thepayment of remuneration/commission to Executive and Non-Executive Directors of the Companyfor a period of three (3) years starting from FY 2021-22 in case of no profits/ inadequateprofits.

Pursuant to Section 149 of the Act and Regulation 25 of the Listing RegulationsIndependent Directors viz. Dr. Uddesh Kumar Kohli (DIN 00183409) and Mr. Arun KannanThiagarajan (DIN 00292757) were re-appointed at the 27th Annual General Meeting held on23 July 2019 for second term of 5 consecutive years up to 24 July 2024 and Ms. Neera Saggi(DIN 00501029) was re-appointed at the 29th

Annual General Meeting held on 10 August 2021 for a period of 5 consecutive years up to13 June 2026.

The Board recommends re-appointment of Mr. Yogesh Gupta as Whole-time Director who isliable to retire by rotation in the ensuing AGM. Mr. Yogesh Gupta will continue to serveas Chief Financial

Officer of the Company in addition to his Whole-time Directorship.

The aforesaid Director being eligible offers himself for re-appointment.

All the three Independent Directors as on 31 March 2022 have declared that they meetthe criteria of independence as laid down under the Act/Listing Regulations/any otherapplicable law along with a declaration of compliance of Rule 6 of Companies (Appointmentand Qualification of Directors) Rules 2014 as amended from time to time. The IndependentDirectors have complied with the Code for Independent Directors prescribed in Schedule IVto the Act. The Independent Directors are not liable to retire by rotation. Further theCompany 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 personnelwith respect to adherence of the aforesaid code during FY 2021-22.

The particulars in respect of directors seeking reappointment as required underRegulation 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 CorporateGovernance Report. Pursuant to the provisions of Sections 152 160 and any otherapplicable provisions of the Act and the Listing Regulations inter-alia basis theperformance evaluation their expertise in specific functional areas backgroundcontribution towards Company’s performance etc. and as per the recommendation of theNomination and Remuneration Committee the Board recommends aforesaid reappointment.

Ms. Neera Saggi (DIN 00501029) resigned from the position of Independent Directorw.e.f. closing hours of 28 October 2021 in order to effectively manage both her personaland professional commitments and to optimize her existing board portfolio. She furtherconfirmed that there is no other material reason than the one mentioned above for herresignation. The Board places on record its appreciation for the valuable contributionsmade by her during her tenure.

GE SHARE PURCHASE PLAN

GE Share Purchase Plan is an international program offered to employees who are part ofGE Group in various countries. The

Company offersShare Purchase Plan (hereinafter referred to as ‘GE

Share Purchase plan’) of its ultimate holding Company i.e. General ElectricCompany to the employees of the Company. Eligible employees have the option to purchaseshares (up to 10% of the basic salary or as may be specified in the extant GE SharePurchase plan) of General Electric Company USA (GE Shares) by electing a monthly amountto be taken out of their pay. GE Shares participants also receive a 15% Company match ontheir elected contributions. There is no holding or lock-in period on the shares receivedand they may be sold or transferred at any time.

The GE Share Purchase plan had been approved by the members of the Company in the 27thAnnual General Meeting held on 23 July 2019.

SHIFTING OF REGISTERED OFFICE

The Registered Office of the Company stands shifted from Unit

211-212 2nd Floor The Capital G Block Plot No. C-70 Bandra Kurla Complex BandraEast Mumbai - 400051 to Regus Magnum Business

Centers 9th floor Platina Block G Plot C-59 BKC Bandra (E) Mumbai

Maharashtra – 400051 w.e.f. 14 August 2021.

MEETINGS OF BOARD AND ITS COMMITTEES

The Board meets at regular intervals to discuss on Company/business’s policystrategy and financial results apart from other Board business.

The Board/Committee Meetings are pre-scheduled and a tentative quarterly/half yearlycalendar of the Board and Committee Meetings is discussed and finalized by the Directorsin advance to facilitate them to plan their schedule and to ensure meaningfulparticipation in the meetings. The maximum interval between any two Board Meetings did notexceed one hundred and twenty (120) days.

In order to further strengthen the Corporate Governance practices in the Company andmaintain the corporate culture of conscience and consciousness towards shareholders andother stakeholders the Company has non-mandatory committees in place which focus onstrategy innovation sustainability gender diversity etc. to help concentration on keyareas thereby enhancing the Board processes.

Your Company has the following Committees:

The details of composition/change in composition meetings and attendance etc. at themeetings of Board and its committees held during the FY 2021-22 and its terms of referenceare provided in Corporate Governance Report which forms part of this Report.

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

Non-mandatory Committees of the Company are managed in compliance with SecretarialStandards -1 on meetings of the Board of Directors issued by the Institute of CompanySecretaries 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 ofreference of the Audit Committee are in line with Section 177 of the Act and the ListingRegulations as amended. There were no recommendations made by the Audit Committee whichwere not accepted by the Board. There were no frauds reported by Auditors of your Companyunder sub-section 12 of section 143 of the Act for the FY 2021-22.

NOMINATION AND REMUNERATION POLICY

Your Company has in place a Nomination and Remuneration Policy to ensure that the Boardand top Management is appropriately constituted to meet its fiduciary obligation tostakeholders to identify and determine the integrity qualification expertise andexperience of persons who are qualified to become Directors or who may be appointed insenior management and/or as Key Managerial Personnel of the Company. This policy inter-alialays down the guidelines relating to appointment and remuneration for Executive DirectorsNon-Executive Directors/Independent Directors Key Managerial Personnel and SeniorManagement.

The Nomination & Remuneration Policy of the Company was amended on 29 November 2021to incorporate amendments made in the Listing Regulations and the Act. Amendments inter-aliaincluded skill mapping of director before appointment alignment with current HR policiesof the Company criteria for paying remuneration/ commission to Non-Executive Directorsetc. and can be accessed at www.ge.com/in/ge-power-india-limited.

BOARD EVALUATION

Pursuant to the provisions of the Act and the Listing Regulations the Non-ExecutiveNon-Independent Director and the Executive Directors of the Company were evaluated by theIndependent Directors of the Company in a separate meeting of Independent Directors heldduring the year. The formal annual evaluation of the Independent Directors Board as awhole Chairman Committees namely Audit Committee Stakeholders Relationship CommitteeCorporate Social Responsibility Committee Risk Management Committee Nomination andRemuneration Committee Strategy & Innovation Committee Inclusion & DiversityCommittee and Sustainability Committee and all the individual

Directors were undertaken in the Board meeting. More details on the same including theevaluation mechanism are provided in the Corporate Governance Report which forms part ofthis Annual Report.

AUDITORS AND AUDIT REPORT

Statutory Auditors

The Statutory Auditors of the Company M/s B S R & Co. LLP Chartered Accountants(Firm Registration Number – 101248W/W-100022) were appointed at the 24th AnnualGeneral Meeting of the

Company to hold office for a term of five (5) consecutive years the conclusion of the29th Annual General Meeting of the Company. The tenure of the Statutory Auditors came toan end in the 29th AGM i.e. 10 August 2021.

The Audit Committee and the Board in its meeting held on 22 June 2021 inter-aliaassessed the independence competence and experience of Deloitte Haskins & Sells asstatutory Auditors. The Audit Committee and Board assessed and noted that the appointmentof Deloitte Haskins & Sells commensurate with the size and requirements of theCompany.

Brief profileof Deloitte Haskins & Sells inter-alia highlighting theircompetence and experience is given below :

Deloitte is one of the world’s largest professional services firms. Deloitte Indiais a well-established firm serving some of the largest and reputed companies and businesshouses of the country. Deloitte has strong Audit & Assurance (A&A) practice ithas the capacity and depth to serve as auditors. Deloitte with its pan India presencehelps meet the local needs on a real time basis and uses its offices closest to where thecompany is based to ensure that the efforts are well coordinated with maximum efficiency.

Deloitte India refers to Deloitte Haskins & Sells (DHS) and its affiliate firmsincluding Deloitte Haskins & Sells LLP (DHS LLP). Deloitte Haskins & Sells (FirmRegistration No. 015125N) is having its registered office at 7th Floor Building 10 TowerB DLF Cyber City Complex DLF City Phase II Haryana – 122002. Deloitte is now aglobal network with 312200 people with revenues over $46.2 billion. Deloitte India hasmore than 12000 professionals operating out of 14 cities providing professional servicesin the areas of Audit and Advisory services to public and private clients spanningmultiple industries.

Further in compliance with Section 139 141 142 of the Act read with Companies (Auditand Auditors) Rules 2014 as amended and upon recommendation of the Audit Committee andthe Board of Directors Deloitte Haskins & Sells Chartered Accountants (FRN –015125N) were appointed as the Statutory Auditors of the Company by the members at the29th Annual General Meeting to hold office for a term of five (5) consecutive years untilthe conclusion of the 34th Annual

General Meeting of the Company.

care have been taken for the

Cost Auditors

Pursuant to Section 148 of the Act your Directors on the recommendation of the AuditCommittee appointed M/s Shome & Banerjee Cost Accountants as Cost Auditors of yourCompany for the FY 2022-23 to carry out the cost audit for the applicable business at aremuneration of H 300000/- (Rupees Three Lacs only) plus applicable taxes andreimbursement of out of pocket expenses. A Certificate from M/s Shome & Banerjee CostAccountants has been received confirming that their appointment as Cost Auditors of theCompany would be in accordance with the limits specified under Section 141 of the Act.

As required under the Act the remuneration payable to the Cost Auditor is required tobe 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 ratificationremuneration payable to M/s Shome & Banerjee Cost Accountants for the FY 2022-23 atthe 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/sHemant Singh & Associates Company Secretaries to undertake the Secretarial Audit ofyour Company for FY 2021-22. The Secretarial Audit Report in Form MR-3 for FY 2021-22 isannexed as ‘Annexure B’ to this Report.

Further in compliance with Regulation 24A of Listing Regulations Annual SecretarialCompliance Report for the year ended 31 March 2022 issued by M/s Hemant Singh &Associates Company Secretaries is annexed as ‘Annexure C’ to this Report. Thesame was filed with stock exchanges (BSE & NSE) on 27 May 2022.

There were no qualifications reservations remarks made by the Auditors in theirreport for FY 2021-22.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors state that:

I. in the preparation of the annual financial statements for the year ended 31 March2022 the applicable accounting standards have been followed along with proper explanationrelating to material departures if any;

II. such accounting policies have been selected and applied consistently and made suchjudgements and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at the end of the financial year 31 March2022 and of the profit of the Company for that period;

maintenance III. properand of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;

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

V. internal financial controls have been laid down and followed by the Company and thatsuch internal financial controls are adequate and are operating effectively; and

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

SUBSIDIARIES/SPECIAL PURPOSE COMPANY

GE Power Boilers Services Limited (‘GEPBSL’) is a wholly owned subsidiary ofthe Company. It is a non-material non-listed Indian subsidiary. It was initially engagedin the services related to boilers. The aforesaid subsidiary did not have any businessoperations during the year. During FY 2021-22 GEPBSL had other income of H 5 million(Previous Year : H 40.2 million) along with Profit after tax ofH 3.9 million

(Previous Year : Profit after tax ofH 31.4 million). As at 31 March 2022 GEPBSL’saccumulated losses of H 9.6 million have eroded its paid-up equity capital of H 3.4million.

Your Company had a Special Purpose Company (‘SPC’) in the name of AlstomSystems India Private Limited. The role of your Company in the SPC was limited only toequity participation not exceeding 5% (not exceeding H 80 million) and that of ALSTOMTransport S.A. was 95% or more. Your Company was not responsible for the execution and dayto day management of the transport operations specific to this SPC..

During FY 2021-22 your Company sold its complete investment of 2665000 equity Shareshaving face value of H 10 in Alstom Systems India Private Limited to Alstom Transport SA(not a related party) at an all-inclusive consideration of H 26650000 equivalent to aface value of H 10 per equity share.

In compliance with the first proviso to sub-section 3 of section 129 of the Act astatement containing salient features of the financial statement of Company’ssubsidiary for FY 2021-22 in the prescribed format Form AOC-1 is as under :-

Part A: Subsidiaries

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 3.4 (9.6) 0.067 6.2 - - 3.9 3.9 3.9 - 100

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

Part B: Associates and Joint Ventures

During FY 2021-22 your Company acquired 3000000 equity shares of H 10 each of NTPCGE Power Services Private Limited (NGSL) from GE Power Systems GmbH constituting 50% ofNGSL’s paid-up share capital at a consideration of H 72000000.

NGSL was incorporated on 27 September 1999 under Companies Act 1956 and is a 50:50Joint Venture between NTPC Limited and the Company. NGSL is engaged in the renovation andmodernization of existing power plants with primary focus on thermal power plants and hasalso inter-alia ventured into supply installation and subsequent operation &maintenance of thermal power plants. The authorized share capital of NGSL is H 500000000(Indian Rupees Fifty Crore) divided into 50000000 (five crore) equity shares of facevalue of H 10 (Indian Rupees Ten) each and the total issued subscribed and paid-up sharecapital of NGSL is H 6000000 as on the date of acquisition.

The Company is having 50% voting rights in NGSL and right to net assets in NGSLthereby giving it joint control over NGSL. Investment in Joint ventures are accounted forusing the equity method of accounting after initially being recognised at cost. During FY2021-22 NGSL had a total profit after tax of H 59.9 million out of which H 30.0 millionhas been recognised as part of your Company’s financials.

Key updates :-

Total order Book : H 16039 million as on 31 March 2022 (Previous year: H 11298million) Ongoing O&M contracts : BALCO: Bharat Aluminium Company Limited Korba: TotalOrder Value: H 10332 million VL Jharsuguda: Vedanta Limited: Total Order Value: H 7342million L1 for 300+MW Solar projects with NTPC: LOA is expected soon

Signed Memorandum of Engagement (MoE) with the Lake Region Economic Bloc (LREB) to worktowards the development of Ground Mounted & Floating Solar PV Projects in The LakeRegion of Kenya.

Working closely with NTPC for global projects like :

Kukuza Project Development Company (A JV of AfDB EXIM SBI RSBGi & IL&FS)

Indonesia : 12 MW Solar PV Project on the Island of Sabang in Aceh province land ownedby BKPS (equity contribution)

Working with GE Power India Limited NTPC Limited & other customers like DVCUPRVUNL GSECL etc. for growth of services business

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

(H in million)

Name of Latest audited

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

Profit or Loss for the year*

Association or Joint Venture Balance sheet Date No. Amount of Investment in Associates or Joint Venture Extent of Holding (in percentage) Description of how there is significant influence Reason why the associate/ Joint venture ls not consolidated Net worth* attributable to shareholding Considered in Consolidation Not Considered in Consolidation
NTPC GE Power Services Private Limited 31.03.2021 3000000 equity shares 72 50 Company has joint control Not Applicable 74.2 29.97 29.97

* The management certified accounts have been considered for consolidation.

PROMOTER SHAREHOLDING

The name of the Promoter entity is GE Steam Power International BV. It holds 46102083equity shares constituting 68.58% of the paid-up capital of the Company.

CONSOLIDATED FINANCIAL STATEMENTS

In compliance with provisions of Section 129 of the Act and Listing Regulations asamended your Company has prepared Consolidated Financial Statements in accordance withthe requirements of Ind-AS Rules. The Audited Consolidated Financial Statements along withthe Auditors’ Report thereon forms part of this Annual Report.

Further as per the fourth proviso of Section 136(1) of the Act Audited FinancialStatements of the subsidiary Company have been displayed on the website of the Companyviz. www.ge.com/in/ge-power-india-limited

Members interested in obtaining a copy of audited financial statements of thesubsidiary Company may write to the Company Secretary of the Company.

VIGIL MECHANISM

Your Company is committed to best Corporate Practices based on the principle oftransparency accountability fairness and integrity to create long term sustainable valuefor its stakeholders. Your Company has in place Vigil Mechanism (Ombuds and Open ReportingProcedure) to provide an avenue to all Stakeholders to report concerns whether actual orpotential about integrity violation or violation of law. The Company provides adequatesafeguard to the Concern Raiser. If a Concern Raiser faces any retaliation as a result ofreporting a Concern or supporting an investigation the aforesaid Procedure providesadequate provision to report the incident to the Chairman of the Audit Committee. Inaddition your Company has adopted an internal Code of Conduct namely ‘The Spirit& The Letter’(‘S&L’) which is followed by anyone who works for orrepresents GE which includes your Company. During the year 27 stakeholders’complaints were received out of which 27 complaints have been resolved to the satisfactionof the complainants. Out of the total resolved complaints

~ 50% of the complaints were confirmed

The aforesaid policies are available on the Company’s website viz.www.ge.com/in/ge-power-india-limited

FIXED DEPOSIT

The Company has not accepted any deposits and as such no amount of principal orinterest was outstanding as at the end of FY 2021-22.

CREDIT RATING

Summary of the credit rating obtained by the Company during FY 2021-22 is providedbelow: -

Name of the credit rating agency ICRA Limited for long term and short term borrowings from Bank
Date on which the credit rating was obtained 20 August 2021
Long Term rating A+ The outlook for long term rating is Negative
Short- Term rating A1
Reasons provided by the rating agency for a downward revision The Company continues to maintain its long term and short term rating as reported in the previous Directors’ Report however during the year the outlook of the Company was revised to Negative from Stable. The reason behind the aforesaid revision inter- alia includes deterioration in credit profile on account of losses incurred in Q1 of FY 2021- 22. The losses were primarily attributed to cost overrun in NHPC Subhansiri Project along with hardening of commodity prices Covid 19 related disruptions.

ENVIRONMENT HEALTH AND SAFETY (EHS)

For your Company safety health and well-being of employees contractors and customersare of prime importance. Your Company is governed by its EHS directives and instructionsto protect itself and its stakeholders. EHS process is managed in accordance with thehighest standards and from time to time these standards are evaluated. Your Companyfollows ‘Zero Tolerance Policy’. In addition to this every stakeholder isauthorised to ‘Stop Work’ when there is a potential threat of individual injury/ illness or having chances of property damages. All locations have well-equippedhealthcare facilities and arrangement for emergencies. Employees at all levels are giventrainings so that they have an understanding of EHS requirements and build a culture ofsafety and well-being.

MANAGEMENT DISCUSSION AND ANALYSIS

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

CORPORATE GOVERNANCE REPORT

The Corporate Governance Report is presented in a separate section which forms part ofthis Annual Report.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

During the year your Company did not grant any new Inter-Corporate Deposits (ICDs). Therate of interest on existing ICDs granted to GE Power Boilers Services Limited (GEPBSL)were in the range of 4.225% p.a. to 8.70% p.a. All the existing ICDs were granted incompliance with Section 186 of the Act and were granted for business purposes only. Duringthe year the outstanding ICD of H 5 million (excluding interest) given to GE PowerBoilers Services Limited was written off since GE Power Boilers Services Limited (GEPBSL)did not have any business operation or any asset to repay the debt.

During FY 2021-22 your Company acquired 3000000 equity shares of H 10 each of NTPCGE Power Services Private Limited (NGSL) constituting 50% of NGSL’s paid-up sharecapital. Details of the Joint venture are provided above under the section of Associatesand Joint Ventures.

Particulars of investments made by your Company during FY 2021-22 have been provided inNote no. 7 of the Notes to Standalone Financial Statements which forms part of this AnnualReport. Your Company has not given any Guarantee during FY 2021-22 except as specified inthe notice of ensuing Annual General Meeting.

RELATED PARTY TRANSACTIONS

During the FY 2021-22 Related Party Transactions as defined under

Section 188 of the Act and the Listing Regulations as amended were at arm’slength and in ordinary course of business. Your Company has in place a Related PartyTransactions Policy which was last amended on 21 March 2022 which inter-aliacomprised of amendments relating to material modifications voting on related partytransactions threshold for material modifications. During FY 2021-

22 your Company entered into material related party transactions as defined under theListing Regulations and the Related Party

Transaction Policy of the Company which were duly approved by the members of theCompany in the previous Annual General Meetings.

Omnibus approval for related party transactions (at arm’s length and in ordinarycourse of business) which were foreseen and repetitive in nature was obtained from theAudit Committee. All the related party transactions entered during the year were atarm’s length and in ordinary course of business. During the period under review yourCompany did not enter into any Related Party Transaction which may be considered materialin terms of Section 188 of the Act and thus disclosure in Form AOC-2 is not applicable tothe Company.

During the financial year the Company entered into a Related Party

Transaction with GE Power Systems GmbH for acquiring 50% equity shares in NTPC GE PowerServices Private Limited at arms-length but not in ordinary course of business. Howeverthis not being a material contract or arrangement or transactions at arm’s lengthbasis disclosure in Form AOC-2 is not applicable for this transaction also. Prior AuditCommittee and Board of Directors’ approval for the said transaction was dulyobtained.

The disclosures pertaining to transactions with Related Parties in compliance withapplicable accounting standards have been provided in Note no. 37 (b) of the Notes toStandalone Financial Statements.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy technology absorption and foreign exchangeearnings & 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 theCompany. Further the Company has Risk Management Committee (RMC) in place. The Committeeassists the

Board in fulfilling its risk management oversight responsibilities with regard toidentification evaluation and mitigation of operational strategic and externalenvironment risks. An Enterprise risk management framework is in place which helpsidentifying elements of risks inherent to the business pertaining to tendering activitiescontract execution operational and financial management environment health and safetyreputation and image currency fluctuation compliance etc. The risk is assessed withrespect to factors – external as well as internal to your Company which can impactits business operations and growth aspiration. There is a structured process to identifyenterprise level critical risks and their respective mitigation action plans. Status ofthese risks and mitigation action plans are periodically reviewed by the RMC.

The framework of Internal Financials Controls (IFC) and the system of Internal Auditcomplements the Policy by scientifically identifying scoping and mapping risks tosignificant businesses profit centers and functional areas. Risk matrices that mapcontrols against risks in each area are evaluated periodically. There exists an objectiverating criteria for observations and time bound mitigations that are monitored. Every unitand function is required to deploy the control measures and ensure timely reporting. Inthe opinion of the Board none of the above-mentioned risks threaten the existence of yourCompany.

REPORTING UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

Your Company is an equal opportunity provider organization that consciously strives tobuild a work culture that promotes the dignity of all employees. In compliance with theSexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013and the rules made thereunder the Company has in place a policy on Sexual Harassment atworkplace. The Company has complied with the provision relating to the constitution ofInternal Complaints Committee under the Sexual Harassment of Women at the Workplace(Prevention Prohibition and Redressal) Act 2013 and the rules made thereunder. During FY2021-22 the Company conducted awareness programs remotely covering employees at itsvarious locations in respect to sexual harassment at workplace. No case was reportedrelating to sexual harassment during FY 2021-22.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Board of Directors of your Company is satisfied with the internal financial controlprocess with reference to the financial statements.

Internal control environment of the company is reliable with well documented frameworkto mitigate risks. A detailed analysis is provided in the Management Discussion andAnalysis.

ANNUAL RETURN

In accordance with the Act the annual return in the prescribed format is available athttps://www.ge.com/in/ge-power-india-limited/ reports-financials.

PARTICULARS OF EMPLOYEES

The information as required under Section 197 of the Act in respect of employees of theCompany is annexed as ‘Annexure E’ to this Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no significant

Company by the regulators or courts or tribunals during FY 2021-22 impacting the goingconcern status and your Company’s operations in future.

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

The changes and commitments affecting the financial position of the

Company which have occurred between the end of FY 2021-22 and on the date of the reportare given below:

COVID-19

As a result of the pandemic the power industry was impacted by crisis as was yourCompany. The pandemic and consequent lockdown has resulted in disruption in operations atyour Company’s factories and at various project sites. However as your Companytransitioned back to work guidelines had set forth strict expectations and a checklistfor site opening operations to protect employees and contarctors.

The Company is taking all precautions safety and social distancing measures andimplementing all applicable guidelines issued by central state and localauthorities/licensing authorities across its operations/offices for prevention andcontainment of COVID-19. The

Company will continue to follow the recommendations/advisories as may be issued by therelevant authorities.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility and inclusiveness are part of the

Company's sustainability efficient resources strategy. Diversity management andengaging our internal and external stakeholders in the process of sustainability are partof the overall agenda. Through employee volunteering sustainability goals and CSRefforts the

Company has endeavoured to prioritise commitment towards sustainable and inclusivedevelopment.

Your Company’s CSR was driven to touch lives of the communities we operate in andtherefore our focus has been on projects promoting healthcare education empoweringspecially abled women empowerment through livelihood opportunity creating employabilityenhancing vocational skills and environmental sustainability.

Vaccinating the local community to fight against Covid-

To support people from marginalized section with COVID-19 vaccination process yourCompany in partnership with Sambhav Foundation & Swami Vivekananda Vani Prachar Samityhave organized COVID-19 Vaccination Assistance Program across Company's plant and factorylocations such as Durgapur (West Bengal) Ghatampur Obra Tanda (UP) Simhadri (AP)Ramagundam (Telengana) Solapur (Maharashtra) Jhajjar (Haryana) & NID Lapanga(Orissa) to get COVID-19 vaccines done. Through this project the Company providedvaccinations to

4431 beneficiaries. This program aimed at removing vaccine hesitancy among the ruralmasses through awareness and sensitization drives.

Cleft Surgery for 100 underserved children

Accordingly your Company in partnership with Smile Train India helped create aHealthier Society and reduce Infant Mortality. A healthy Society is a productive society;healthy individuals go to school learn a trade get a job earn spend and add value.However Infant Mortality is not just about childhood diseases – children are oftenkilled or allowed to die when the poor parents see them as an economic burden. Thousandsof underprivileged children born with cleft lip and palate live a life of isolation areteased and bullied for their appearance but more importantly they have difficulty inbreathing eating and speaking. Most of these children do not go to school and livemarginalized lives. Through this project we have enabled 100 underprivileged children withcleft anomalies to get a second chance in life by supporting free reconstructive cleftsurgeries across Kanpur Kolkata & Ahmedabad. Giving a new life to thesebeneficiaries putting smiles on theirs as well as their mothers’ faces.

COVID-19 Relief- Supporting Govt. Hospitals by providing Medical Equipment

Your Company in partnership with Tech Mahindra Foundation have provided criticalmedical infrastructure including concentrators beds patient monitors and other suppliesto Govt. run Public Health and Community Health Centres across Nagpur (Maharashtra)Ghatampur Obra Tanda Jawaharpur and Unchahar (Uttar Pradesh) locations. This projecthelps the hospital in providing quality treatment as well as increase in the capacitywhich is much need to combat the consequences of the pandemic.

Supporting Higher Education of Orphan and Abandoned

Youths

Your Company in Partnership with SOS Children’s Villages of India have supportedprofessional / employment linked higher education courses such as Nursing IT/ ITESDiplomas B A in Mass communication B Sc in Biotechnology B Sc Hospitality &Management ITI diplomas Master of Social work Bachelor of Social work Tool & DieMaking for 15 youths (6 females and 9 males) in three cities namely Bhuj Kolkata &Varanasi equipping them to get gainful employment and have an independent secure life.

Computer Labs to Govt. Schools with awareness session on Cyber Security.

Your Company in partnership with PHD Rural Development Foundation have undertaken aproject to support digital education in

5 schools in the vicinity of our Noida corporate officewherein we have equipped theGovt. schools with computer labs touching the lives of more than 5000 students. As partof this project Your Company also conducted awareness session on Cyber Security which isthe need of the hour. During the unprecedented times of COVID education was majorly hitand many students had limited access to computers. It is during such times when basiccomputer literacy became more important and with the times changing it has become thenecessity.

Educators Empowerment Program

Teachers from the rural community are expected to provide learners with appropriate andcontemporary experiences that allow them to successfully engage with digital technologyand prepare them for

21st century. It is the need of the hour to initiate effective teaching and learningprocess simultaneously by using latest tools and web-based collaborative learning methods.The pandemic has further accelerated the need for using online tools wisely to make thevirtual classroom an effective learning environment.

In the light of these demands your Company in partnership with ICT Academy launchedEducators Empowerment Program to train 1200 teachers of Primary/Middle/Higher Secondary inGautam Budh Nagar Durgapur Delhi & Ahmedabad on Digital Teaching Skills. This willhelp teachers at schools advance their teaching style to meet the demands of this newdigital world and make the virtual classroom a great learning environment.

Upskilling the Construction Workers for a better job opportunity

Your Company undertook programme on sustainable income generation and livelihoodsupport in partnership with Construction

Industry Development Council (CIDC) across project sites in India i.e. Obra MejaEtah Tanda Ghatampur (UP) NID Jharsuguda (Orissa) Solapur (Maharashtra) Ramagundam(Telangana) & Jhajjar (Haryana). This skill development initiative will upskill overtwo thousand (2000) workers engaged in the construction industry enhancing theiremployability quotient and making India more competitive in the comity of nations.

For our efforts CIDC bestowed on your Company their ‘Partners in

Progress Trophy’ for FY 2021-22.

Creating Livelihood conditions for Durgapur Tribal community

Your Company in partnership with Swami Vivekananda Vani Prachar Samity (SVVPS) haveprovided vocational training and livelihood projects as part of Women empowerment intribal villages of Durgapur West Bengal (Moldanga Fuljhor & Kathaldanga Ghatak

Danga & Upper Fuljhor Adibashipara) benefitting them independent. This projectincluded skilling on goat rearing mushroom cultivation soft-toy making beautyassistants self-employed tailors General duty assistants & phlebotomists. Also yourCompany have connected these women entrepreneurs to the markets so that they can selltheir items easily.

Employment linked Skill Training Program for youths

Your Company in partnership with Tech Mahindra Foundation have initiated a projectwhich aims at providing employable skills in Amazon Web Services Cloud Computing to 1000youths from Gautam Budh Nagar Durgapur Sanand Bangalore Chennai Delhi NCR HyderabadKolkata Mumbai Pune and Visakhapatnam. AWS re/Start is a full-time classroom- basedskills development and training program that prepares learners for careers in the cloudand connects them to potential employers. Through real-world scenario-based learninghands-on labs learners gain the technical skills they need for entry-level cloud roles.AWS re/Start also focuses on building professional skills such as adaptive communicationtime management and collaboration. The program’s mission is to build a diversepipeline of entry-level cloud talent

Water conservation through artificial ground water recharge through percolation pond

Your Company in partnership with PHD Rural Development Foundation has helped revive thepond in Jalalpur Greater Noida

(UP). Each village has a pond and works as a lifeline for providing access to water tothe entire village however due to ignorance and lack of cleanliness water bodies likepond are battling with various issues like encroachment garbage disposal water-basedalgae/ plants which cover the entire pond water impacting the water quality and marinelife. Considering the above situation your Company took this project to rejuvenate theexisting water body to conserve water and recharge ground water level.

As part of the pond rejuvenation project following activities were carried out:

1. Cleaning of pond

2. Setting up biological sewage treatment plant

3. The pond embankment construction

4. Recharge shaft

5. Plantation of shed trees with tree guard

6. Solar lights

7. Fencing around the pond embankment and installation of iron gate

8. Provision of RCC benches

9. Development of foot path

To ensure sustainability of the project your Company also constituted village levelcommittee to take care of the pond and took awareness and sensitization drive around thepond involving school children on the importance of water conservation & cleanliness.

Contribution to IIT Madras Incubation Cell

Your Company in discussion with Principal Scientific Advisor’s Office PrimeMinister of India identified a project with IIT Madras Incubation

Cell on "Waste Plastic to Pyrolysis oil" wherein optimized treatment ofend-of-life plastic waste will be done. This pyrolysis oil may be applied in Industrialfurnace Engines Turbines and as a Chemical Feedstock thereby preventing tonnes ofend-of-life plastic reaching landfills and oceans affecting the marine and land ecosystem.

Project Dependence to Independence

Your Company in partnership with Ratna Nidhi Charitable Trust enabling 380 people withmovement disabilities with prosthetic like jaipur foot Calipers Crutches and Prosthetichands. This project seeks to provide free prosthetic limbs to the identified beneficiariesin Sanand and Ahmedabad (Gujarat). This project involves stages like mobalizationmeasurement camps manufacturing finally distributing the equipment to the beneficiarymaking independent.

Impact created in FY 2021-22

6.5 + Lakh

Lives touched

10 States/UTs & to

30 Districts Communities reached

Ghatampur Kanpur Obra Varanasi Tanda Jawaharpur Meja Unchahar Etah Gautam BudhNagar (UP) Simhadri Vishakapatnam (AP) Solapur Nagpur Mumbai Pune (Maharashtra)Jhajjar (Haryana)

& NID Lapanga NID Jharsuguda (Orissa) Durgapur Kolkata (WB) Sanand BhujAhmedabad (Gujarat) Bangalore (Karnataka) Chennai (TN) Hyderabad Ramagundam Telengana(Telengana) & Delhi

All 17

UNSDGs achieved

(1) No Poverty

(2) Zero Hunger

(3) Good Health and Well-being

(4) Quality Education

(5) Gender Equality

(6) Clean Water and Sanitation

(7) Affordable and Clean Energy

(8) Decent Work andEconomic Growth

(9) Industry Innovation and Infrastructure

(10) Reduced Inequality

(11) Sustainable Cities and Communities

(12) Responsible Consumption and Production

(13) Climate Action

(14) Life Below Water

(15) Life On Land

(16) Peace Justice and Strong Institutions (17) Partnerships for the Goals.

INVESTOR EDUCATION & PROTECTION FUND (IEPF)

Pursuant to Section 124(5) of the Act read with the IEPF Authority (Accounting AuditTransfer and Refund) Rules 2016 (‘the Rules’) all unpaid or unclaimeddividends are required to be transferred by the Company to the IEPF established by theCentral Government after the completion of seven years. In accordance with the aforesaidprovisions H 4162844/- was transferred to IEPF Authority in respect of dividend for FY2013-14.

Pursuant to Section 124(6) of the Act such shares in respect of which dividend hasremained unpaid or unclaimed for seven consecutive years shall be transferred to Demataccount maintained by IEPF Authority. In accordance with the aforesaid provisions 8732equity shares of the Company were transferred to the Demat account maintained by IEPFAuthority.

During the year the dividend of H 1 per share for FY 2020-21 accruing on 164886equity shares (already transferred to IEPF Authority by the Company in compliance withSection 124(6) of the Act) was credited to the account of IEPF Authority.

Details of year wise amount of unpaid/unclaimed dividend lying in the unpaid accountwhich are liable to be transferred to the IEPF Authority and the due dates for suchtransfer form part of the notes to notice of ensuing Annual General Meeting of theCompany.

As on 31 March 2022 14785 equity shares were eligible to be transferred to IEPFAuthority after 28 August 2022. Accordingly the Company vide letter/email dated 27 May2022 has already written to such shareholders to claim dividends which standunpaid/unclaimed for the last seven consecutive years i.e. since FY 2014-15 on or before

28 August 2022. Thereafter the dividend for the year mentioned above shall betransferred to the IEPF and the corresponding eligible shares shall also be transferred todemat account maintained by IEPF.

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

The Company is voluntarily submitting Business Responsibility and Sustainability Reportin place of the mandatory Business Responsibility Report which is annexed as‘Annexure G’ to this Report.

ACKNOWLEDGEMENTS

The Board of Directors take this opportunity to thank all its shareholders valuedcustomers banks Government and statutory authorities investors and stock exchanges fortheir continued support to the Company. Your Directors wish to place on record their deepsense of appreciation for the committed services by employees. Your Directors acknowledgewith gratitude the encouragement and support extended by the valued shareholders and thePromoters of the Company.

For and on behalf of the Board of Directors
Mahesh Shrikrishna Palashikar
Place: Gurugram Chairman & Non-Executive Director
Date: 30 May 2022 (DIN 02275903)

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