2.15 Provisions and contingent liabilities

A provision is recognised if, as a result of a past event, the
Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle
the obligation. Provisions are determined by discounting
the expected future cash flows (representing the best
estimate of the expenditure required to settle the present
obligation at the balance sheet date) at a pre-tax rate that
reflects current market assessments of the time value of
money and the risks specific to the liability. The unwinding
of the discount is recognised as finance cost. Expected
future operating losses are not provided for.

Warranty

A provision for warranties is recognised when the
underlying products or services are sold. The provision
is based on technical evaluation, historical warranty
data and a weighting of all possible outcomes by their
associated probabilities.

Onerous contract

A contract is considered to be onerous when the expected
economic benefits to be derived by the Company from
the contract are lower than the unavoidable cost of
meeting its obligations under the contract. The provision
for an onerous contract is measured at the present
value of the lower of the expected cost of terminating
the contract and the expected net cost of continuing
with the contract. Before such a provision is made, the
Company recognises any impairment loss on the assets
associated with that contract.

Restructuring

A provision for restructuring is recognised when the
board has approved a detailed formal restructuring plan,
and the restructuring either has commenced or has been
announced publicly.

Decommission cost

In accordance with the applicable legal requirements, a
provision for decommission of assets, which are taken
on lease, is recognised as per the terms of contract. The
provision is measured at the present value of the best
estimate of the cost of restoration.

Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each balance sheet date.

Contingent liabilities

Contingent liabilities are disclosed when there is a
possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non¬

2.19 Sale/Transfer of Business under common control

Sale/Transfer of Business under common control Sale/
Transfer of business under common control includes
transferred business to entities which are ultimately/
intermediately controlled by the same party or parties
both before and after the business transfer and the
control is not transitory. In absence of guidance in Ind -AS
103, "Business Combination" appendix -C on accounting
treatment under such sale/transfer of business under
common control transaction, the management has
adopted accounting policy choice and used the fair
value accounting method for the transfer of business

under common control. This approach is considered by
management to best reflect the economic substance of
the transaction. Under this method:

• Any gain or loss arising from the difference between
the carrying amount and the fair value of the
transferred business calculated in accordance with
Ind AS 113 Fair Value Measurement and determined
by an independent fair value specialist is recognised
in profit or loss.

• Any difference between the fair value and the actual
consideration received is recognised in equity.

18. Equity share capital (Contd..)

b. Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of ? 10 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends, if any, in Indian rupees. The dividend proposed
by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend.

In the event of liquidation of Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.

♦Borrowings from bank

The Company has a working capital demand loan agreement with HDFC bank limited and ICICI Bank. The agreement is in
the nature of working capital demand loan, wherein limit of t 2,750 million from HDFC Bank and 100 million from ICICI Bank
is available. Both facilities are secured by first Pari-passu charge on Current assets of the Company. The company has not
borrowed any amount during the financial year 2024-25.

**Borrowings from group companies

The Company has entered into an intercompany loan agreement with LM Wind Power Blades (India) Private Limited (pool
leader) w.e.f. 22-Nov-2023. The agreement is in the nature of cash pool arrangement, wherein funds are borrowed from
the pool leader's current account at start of the day and the amount is repaid at the end of the same day. The pool leader
charges interest at an interest rate equal to the variable interest rate for each interest period plus the spread for pool leader's
loans. Further, due to voluminous nature of transactions, movement for acceptance and repayment of loans from cash pool
arrangement has been disclosed on net basis.

Information about other provisions and significant estimates

Warranty - A provision for warranties is recognised when the underlying products or services are sold. The provision is based
on technical evaluation, historical warranty data and a weighting of all possible outcomes by their associated probabilities.

Contingencies/ others - Provision for contingencies represents estimates made mainly for probable claims arising out of
litigations / disputes pending with various authorities.

Loss orders - Provision for loss orders is created in onerous contracts. A contract is considered to be onerous when the
expected economic benefits to be derived by the Company from the contract are lower than the unavoidable cost of meeting
its obligations under the contract. The provision for an onerous contract is measured at the present value of the lower of the
expected cost of terminating the contract and the expected net cost of continuing with the contract.

27. Revenue from operations (Contd..)

Disclosure given pursuant to Ind AS 115:

Revenue recognised/(reversal) during the current year from performance obligation satisfied [arising out of contract
modifications and / or change in estimates) in the previous periods ? (501.0) million (previous year 303.7 million] (net).

Performance obligation

Information about the company's performance obligation are summarised below:

(i) Execution of construction contracts

Construction contracts are ordinarily presumed to consist of combined obligations which are not distinct in the context
of the contract (i.e., single performance obligation). This is highly attributed to the long-term construction-nature of the
projects, whereby deliverables are typically highly interrelated and combined. The typical scope of long term contracts
arrangements includes a composite range of activities viz. engineering, procurement, manufacturing, construction and
servicing etc. of power plants and equipment. Revenue from contracts, where the performance obligations are satisfied
over time and other consideration, is recognized as per the percentage of completion method.

(ii) Execution of sale of products

Revenue is recognized at a point in time when control of the products passes to the customer.

(iii) Execution of sale of services

Sale of services are recognized in the period in which the services are rendered.

Remaining performance obligation

As of 31 March 2025, the aggregate amount of the contracted revenues allocated to unsatisfied (or partially unsatisfied)
performance obligations was ? 26,623 million (previous year t 15,870 million). The conversion to revenue is highly
dependent on meeting the delivery schedules, contractual terms and conditions with customers, availability of customer
sites, changes/variation in scope /price etc. In view of these, it is not practical to define the accurate percentage of
conversion to revenue.

These sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming
there are no other changes in market conditions at the accounting date. There have been no changes from the previous
periods in the methods and assumptions used in preparing the sensitivity analyses.

II) Provident fund

In respect of certain eligible employees, the Company has a provident fund plan which is administered through a trust.
The Trust deed provides for the Company to make good any deficiency in the interest to be paid by the Trust to it's
members and the income earned by it. Accordingly the plan is as a defined benefit plan. The Company has obtained
an actuarial valuation of the provident fund liability as at the Balance Sheet date and accordingly the Company has
recognised a provision of ? Nil million (previous year ? Nil million) towards provident fund liability.

35. Segment information

An operating segment is a component that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of the other components, and for which discrete financial
information is available. The operating results of each of the functions are not considered individually by the Chief Operating
Decision Maker (CODM), the functions do not meet the requirements of Ind AS 108. Therefore Company's business activity falls
within a single operating segment i.e. Power Generation equipment and related services.

Chief Operating Decision Maker (CODM) of Company is the Managing Director, along with the Board of Directors, who review
the periodic results of the Company.

42. Financial instruments and fair value measurements - accounting classification

Accounting classifications and fair values

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in
current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair value :

1 Fair valuation of financial assets and liabilities with short term maturities is considered as approximate to respective
carrying amount due to the short term maturities of these instruments.

2 Fair value of non-current financial assets and liabilities has not been disclosed as there is no significant difference between
carrying value and fair value.

Measurement of fair values

Derivative instruments (assets and liabilities): Derivatives are fair valued using market observable rates and published prices for
similar assets and liabilities in active markets.

43. Financial risk management

Financial risk relates to Company's ability to meet financial obligations and mitigate exposure to broad market risks, including
volatility in foreign currency exchange rates and interest rates and commodity prices; credit risk; and liquidity risk, including risk
related to our credit ratings and our availability and cost of funding. Credit risk is the risk of financial loss arising from a customer
or counterparty failure to meet its contractual obligations. The Company faces credit risk in its industrial businesses, as well
as in derivative financial instruments activities. Liquidity risk refers to the potential inability to meet contractual or contingent
financial obligations (whether on- or off-balance sheet) as they arise, and could potentially impact Company financial condition
or overall safety and soundness.

(A) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the receivables from customers; loans and deposits.

The carrying amounts of financial assets represent the maximum credit risk exposure.

(i) Credit risk management

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base, including the default
risk associated with the industry and country in which customers operate.

The Company also regularly assesses customer credit risk inherent in the carrying amounts of receivables and
contract costs and estimated earnings, including the risk that contractual penalties may not be sufficient to offset its
accumulated investment in the event of customer termination. The Company also gains insight into future utilization
and cost trends, as well as credit risk, through its knowledge of the installed base of equipment and the close interaction
with its customers that comes with supplying critical services and parts over extended periods.

(ii) Provision for expected credit losses

The Company evaluates credit risk based on a variety of data that is determined to be predictive of the risk of loss
(including but not limited to external ratings, audited financial statements and collection plan and available press
information about customers) and applying experienced credit judgement.

(a) Expected credit loss on financial assets other than trade receivables :

With regards to all financial assets including security deposit amounting ? 62.1 million (previous year ? 69 million)
and other financial assets other than security deposits ? 122 million (previous year ?103 million) with contractual
cash flows other than trade receivable, management believes these to be high quality assets with negligible credit
risk.

The management believes that the parties from which these financial assets are recoverable, have strong capacity
to meet the obligations and where the risk of default is negligible or nil and accordingly no provision for expected
credit loss has been provided on these financial assets. Break up of financial assets other than trade receivables
have been disclosed on balance sheet.

(b) Expected credit loss for trade receivables

Based on assessment which is driven by the historical experience/ credit rating available in relation to default and delays
in collection thereof, the expected credit loss for trade receivables is estimated to be in the range of 8.7%-13.1%.

The amount of total allowance for credit loss is disclosed in Note 13 and the movement thereof during the years
ended 31 March 2025 and 31 March 2024 is tabulated below:

(B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is
to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company also monitors the level of expected cash inflows on trade receivables and loans (comprising the undrawn
borrowing facilities) together with expected cash outflows on trade payables and other financial liabilities.

(C) Market risk

Market risk is the risk of loss of future earnings, fair value or future cash flows that may result from a change in the price of
a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market
risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency
receivables, payables and loans and borrowings.

(i) Foreign currency risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the USD and Euro. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the Company's functional
currency (?). The risk is measured through a forecast of highly probable foreign currency cash flows.

The Company manages its foreign currency risk by entering into derivatives such as forward contracts. When a
derivative is entered into for the purpose of hedging, the Company negotiates the terms of those derivatives to match
the terms of the foreign currency exposure.

Ratios for variances have been explained for change by more than 25% as compared to the previous year.

45. The Company has a process whereby periodically all long term contracts (including derivative contracts) are assessed for
material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required
under any law / accounting standards for material foreseeable losses on such long term contracts (including derivative
contracts) has been made in the books of account.

46. Capital management

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Management monitors the return on capital, as well as the level of dividends to
equity shareholders.

The board of directors seeks to maintain a balance between the higher returns that might be possible with higher levels of
borrowing and the advantages and security afforded by a sound capital position.

The Company monitors capital using gearing ratio, which is total debt (including short term debt) divided by total capital plus debt.

47. Exceptional items

(i) On 10 July, 2024, the Board of Directors ("Board") and on 14 August, 2024, the members of the Company through remote
e-voting, duly approved the sale of the Gas Power business undertaking of the Company as a going concern on a slump
sale basis (as defined under Section 2(42C) of the Income-tax Act, 1961), to GE Renewable Energy Technologies Private
Limited, a fellow subsidiary (common control entity) of the Company along with its respective assets and liabilities including
the consents, approvals, employees and contracts, for a lumpsum consideration of ? 438.6 million excluding all applicable
taxes. The consideration for the transfer was determined basis fair valuation by an independent valuer basis Discounted
Cash Flow (DCF) method.

Accordingly, the Gas Power business undertaking was classified as held for sale and as a discontinued operation. In line
with the requirements of Ind AS 105 "Non-current Assets Field for Sale and Discontinued Operations" effective 14 August,
2024, depreciation on tangible assets was discontinued. On 30 September, 2024, the sale was completed, and the Gas
Power business undertaking ceased to be a part of the Company's operations with effect from that date. Consequently,
the financials for the previous periods relating to Gas Power business undertaking have been presented/re-presented in
the Statement of profit and loss and Statement of Cash Flows. The excess of consideration received over the carrying
value of net liability amounting to ? 583.4 million is recognized as a gain on sale of the Gas Power business undertaking and
presented under "Exceptional item" in the Statement of profit and loss.

(ii) On 10 July, 2024 the Board of Directors ("Board") of the Company, and on 14 August, 2024 the members of the Company
through remote e-voting approved the sale of the Hydro business undertaking ('Undertaking') of the Company as a going
concern on a slump sale basis {as defined under Section 2(42C) of the Income-tax Act, 1961}, to GE Vernova Hydro Power
India Private Limited (formerly known as GE Power Electronics (India) Private Limited), a fellow subsidiary (common control
entity) of the Company along with its respective assets and liabilities including the consents, approvals, employees and
contracts, for a lumpsum consideration of ? 1/- excluding all applicable taxes.

The Undertaking was classified as held for sale and as a discontinued operation effective 14 August, 2024. In line with the
requirements of Ind AS 105 "Non-current Assets Held for Sale and Discontinued Operations” effective 14 August, 2024,
depreciation on tangible assets was discontinued. Consequently, the financial statements for the previous period relating
to Undertaking have been re-presented in the Statement of profit and loss and Statement of Cash Flows.

On 31 March 2025, the sale was completed, and the Undertaking ceased to be a part of the Company's operations with
effect from that date. The Undertaking had a net liability of ? 2,978.9 million and fair value of negative ? 609.0 million
was determined by an independent valuer basis Discounted Cash Flow (DCF) method as at the date of completion of
transaction i.e. 31 March 2025. Since, the transaction price of ? 1 is higher than the fair value of negative ? 609.0 million, in
accordance with the Accounting Policy of the Company, the gain of ? 2,369.9 million, difference between the net liability
and the fair value, has been credited to the statement of profit and loss as an exceptional item and the difference between
transaction price and fair value has been credited to equity.

49. Share based payments (Contd..)

B) Employees stock options

The employees are entitled to shares of GE Vernova Inc., the ultimate holding company. Details of these plan is given below.

The ultimate holding company (GE Vernova Inc.) grant stock options, restricted stock units to employees under the 2007
and 2022 Long-Term Incentive Plan post approval of Board of directors of ultimate holding company. Incentive stock
options can be granted only to employees.

As restricted stock units (RSU's) and stock options have been granted at the fair value of option on the grant date, therefore
the Company measure and disclose the employee's compensation expenses relating to restricted stock option units and
stock options using the fair value.

The employees' compensation expense for stock options & RSU's during the year ended 31 March 2025 amounts to
? 15.46 million as included under salaries and wages, charged in the statement of profit and loss during the year. Further,
the Ultimate Holding Company raises charge to the Company for both stock options and RSUs.

The options become exercisable over the vesting period (typically three or five years) and expire 10 years from the grant
date if not exercised. Restricted stock units (RSU) provide an employee with the right to receive shares of GE stock when
the restrictions lapse over the vestinq period.

50. Recoverable from Alstom Transport India Limited on account of potential demand from Income tax authorities attributable
to business sold to it in 2014 under Business Transfer Agreement. Corresponding provision is also created against this
potential demand reported under provision for contingencies.

51. In respect of the fire incident on 20 July, 2022, at the Flue Gas Desulphurization System project site at Solapur, Maharashtra,
leading to damage of certain items, the current estimated loss of ? 997.5 million had been accounted under "Cost of material and
erection services” in the statement of profit and loss. The Company has accounted and received interim payments aggregating
to ? 580 million (? 400 million during the quarter ended 31 March 2024 and ? 180 million during the quarter ended 30 September
2024) and ? 14 million from sale of salvage material (? 13 million during the quarter ended 31 December 2024 and ? 1 million
during the quarter ended 31 March 2025) against the final claim of t 800 million. Further, the Company is in discussion with its
Insurer for final closure.

52. In respect of the fire incident on 21 May, 2023, at the covered main store in the Flue Gas Desulphurization System project
at NTPC Sipat, Chhattisgarh, leading to damage of items stored therein, the estimated loss of ? 694 million had been
accounted under "Cost of material and erection services" in the statement of profit and loss. Procurement of fire-impacted
materials has been completed and subsequent restoration works were completed by end of March 2025. Surveyor's visits
have been progressively carried out to assess the loss and the final claim value is under evaluation. The Company has
accounted and received interim payments aggregating to ? 200 million (? 100 million during the quarter ended 31 March
2024 and ? 100 million during the quarter ended 31 December 2024). Further, the Company is in discussion with its Insurer
for final settlement of claim.

53. Due to extended technology problems on the Ministry of Corporate Affairs (MCA) portal, duly communicated by the
Company to the relevant authorities, the Company deposited the IEPF amount of ? 0.91 millions on October 16, 2024 (due
date September 29, 2024). There has been no other delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.

54. The Company has established a comprehensive system of maintenance of information and documents as required by the
transfer pricing regulation under Sections 92-92F of the Income-tax Act, 1961. Since, the law requires existence of such
information and documentation to be contemporaneous in nature, the Company continuously updates its documentation to

54. (Contd..)

determine whether the transactions entered into with the associated enterprises during the financial year on an arm's length
basis. The management is of the opinion that such transactions are at arm's length so that the aforesaid legislation will not
have any impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.

55. Ministry of Corporate Affairs (MCA) vide its notification number G.S.R. 206(E) dated March 24, 2021 (amended from time
to time) in reference to the proviso to Rule 3 (1) of the Companies (Accounts) Amendment Rules, 2021, introduced the
requirement of only using such accounting software w.e.f April 01, 2023 which has a feature of recording audit trail of
each and every transaction, creating an edit log of each change made in the books of account along with the date when
such changes were made and ensuring that the audit trail cannot be disabled. The Institute of Chartered Accounts of India
("ICAI") issued an "Implementation guide on reporting on audit trail under rule 11(g) of the Companies (Audit and Auditors)
Rules, 2014 (Revised 2024 edition)'' in February 2024 relating to feature of recording audit trail.

The Company has identified relevant applications that record financial transactions, along with the primary SAP system
to which the aforementioned provision and guidance apply for the year ended March 31, 2025 and which has a feature of
recording audit trail (edit log) facility wherein:

in respect of one accounting software (SAP), the audit trail feature was enabled throughout the year at application
level however, the audit trail feature at database level was enabled from February 2025 and same has not been operated
throughout the year;

in respect of other accounting software (SAP), the audit trail feature was enabled throughout the year at application
level but not enabled at database level;

in respect of software operated by a third-party service provider, for maintaining payroll records, based on an
independent auditor's System and Organization controls report which covers the requirements of audit trail, has
a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software;

in respect of software operated by a third-party service providerfor maintaining employee database, though application
has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software however testing of audit trails is not covered in an independent auditor's System
and Organisation Controls report

Only authorized personnel have access to the underlying database for the purpose of system support after obtaining
explicit permission from the Company. The Company has enabled sufficient logs at the database level which captures
objects edited along-with timing and personnel identity. Any data changes would undergo inherent checks that are built
onto application and any impermissible changes at the database level creates multiple errors like operational failure,
corrupting of tables etc. and rule out the possibility of such changes.

56. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person(s) or entity (ies), including foreign entities ("Intermediaries”) with
the understanding that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate
Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the
Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the
Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

57. In line with the General Electric Company (GE) announcement dated 21 September, 2020 to pursue exit from new build
coal power market intimated to Stock Exchanges (BSE and NSE) by the Company on 22 September, 2020, on 08 February,
2022, GE Steam Power International B.V. - Immediate Holding Company of the Company, had written to the Board of
Directors of the Company conveying its intention to reduce its stake in the Company and de-promoterise within 36 months,
which was to be implemented in a staggered manner ("GEPIL Depromoterization"). Through this transition, GE intended to
strengthen the Company to operate independently from GE and to achieve its long-term growth plans.

With effect from 02 April 2024, the ultimate holding company of GE Power India Limited has changed from General Electric
Company to GE Vernova Inc. as intimated to the stock exchanges on 06 October 2023 and 03 April 2024. GE Steam Power
International B.V. - the Immediate Holding Company vide its letter dated 25 July 2024 intimated the Board of Directors of
the Company that it has decided to end its plan to exit from GE Power India Limited and de-promoterise and accordingly
GE Steam Power International B.V. will continue to be promoter of the Company. The same was intimated to the Stock
exchanges by the Company on 25 July 2024.

As per our report of even date

For Deloitte Haskins & Sells For and on behalf of the Board of Directors of GE Power India limited

Chartered Accountants

Vikas Khurana Puneet Bhatla Aashish Ghai

Partner Managing Director Whole-time Director and Chief Financial Officer

DIN : 09536236 DIN : 07276636

Place : Noida Place : Noida Place : Noida

Date: 29 May 2025 Date: 29 May 2025 Date: 29 May 2025

Kamna Tiwari

Company Secretary
FCS-7849
Place : Noida
Date: 29 Mav 2025