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Orient Green Power Company on Wednesday reported an over two-fold jump in its consolidated net profit to Rs 75 crore during the second quarter ended September 30 on the back of higher income.
It had clocked Rs 33.80 crore net profit during the July-September period of the preceding fiscal, the company said in a regulatory filing.
The company's total income surged to Rs 124.10 crore from Rs 108.24 crore in the year-ago quarter.
Its expenses stood at Rs 62.36 crore in the quarter under review against Rs 68.44 crore a year ago.
The board has also approved fundraising up to Rs 225 crore by way of an issuance of equity shares of face value of Rs 10 each of the company to its eligible equity shareholders on a rights basis ("Rights issue"), subject to receipt of necessary approvals from regulatory authorities.
T Shivaraman, Managing Director and CEO, said: "At the outset, we extend our gratitude to our shareholders for their overwhelming support in subscribing fully to the rights issue. 

Press Trust of India

Q1 results, Q1 earnings

Orient Green Power Company on Friday posted a 6 per cent rise in its consolidated net profit to Rs 9.29 crore in the June quarter.
The company had reported a consolidated net profit of Rs 8.76 crore in the quarter ended on June 30, 2022, according to a statement.
Total income of the company increased to Rs 79.28 crore in the quarter from Rs 78.19 crore in the same period a year ago.
"Further to the refinancing of over Rs 703 crore during March 2023, the company refinanced secured loans over Rs 78 crore during the year at reduced interest rates. The interest/charges on pre-closure charges of these loans amounted to Rs 386 lakh classified under exceptional items," T Shivaraman, Managing Director & CEO, said in the statement.
The company also said that a board committee has approved the letter of offer of the rights issue which will open by August 28, 2023, Shivaraman said.

News

Orient Green Power Q2 results: Net profit grows two-fold to Rs 75 cr

Orient Green Power Company's net profit rises 6% to Rs 9.29 cr in Q1