Orient Green Power dec quarter net profit rises 55% to nearly Rs 10 crore

Orient Green Power Company Ltd posted a 55% rise in its consolidated net profit at Rs 9.74 crore in the quarter ended December 2022

Orient Green Power Company Ltd (OGPL) on Monday posted a 55 per cent rise in its consolidated net profit at Rs 9.74 crore in the quarter ended December 2022.

The company's consolidated net profit stood at Rs 6.28 crore in the year-ago period, according to a regulatory filing.

However, total income was at Rs 57.33 crore during the October-December quarter, as against Rs 63.30 crore a year ago.

Total expenses were Rs 65.78 crore during the quarter under review as compared to Rs 75.68 crore in the corresponding period of the previous year.

"Our efforts to reduce the expenses and service the debt on time resulted in improved rating of our SPVs (special purpose vehicles) and reduction in finance costs," T Shivaraman, company's Managing Director and CEO, said in a statement.

In addition, the Late Payment Surcharge (LPS) scheme introduced by the ministry of power helped in realising the long pending dues from state-owned discoms, he noted.

With improving cash flows, "we are exploring the opportunities to expand our presence in wind sector and venture into solar business" through a hybrid model of wind and solar with an objective of attaining 1 GW of installed capacity in the next two to three years, more on this will be announced in due course, he stated.

The rights issue proposed by the company received in-principle approvals from regulators and "we are in the process of filing the letter of offer and expect to complete the issue in this fiscal", he added.