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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app