Orient Green Power loss narrows to nearly Rs 19 cr in March quarter

Orient Green Power Company on Thursday posted a consolidated net loss of Rs 18.97 crore in the March quarter on the back of higher expenses

Press Trust of India New Delhi
On April 16, as evening peak time approached, the cost of electricity at the exchange climbed up to Rs 10.31 per unit by 4 pm

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Orient Green Power Company on Thursday posted a consolidated net loss of Rs 18.97 crore in the March quarter on the back of higher expenses.

The consolidated net loss of the company was Rs 32.35 crore in the year-ago period, a BSE filing stated.

The company's total income stood at Rs 46.45 crore during the quarter as against Rs 40.20 crore a year ago.

The total expense of the firm rose to Rs 71.99 crore during the period under review from Rs 70.88 crore in the corresponding period of the previous year.

The consolidated net loss also narrowed to Rs 33.33 crore in 2022-23 as compared with Rs 35.78 crore in the previous fiscal.

"The current fiscal is a moderate one in terms of wind availability with a dip in generation. This is expected to be recouped from an early onset of wind season next year," T Shivaraman, Managing Director and CEO, said in the statement.

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The previous year witnessed a one-time income of Rs 2,465 lakh due to resumption in REC (renewable energy certificates) trading, he said.

Adjusting this, he explained that the EBITDA comparable for the year is marginally lower by Rs 86 lakh.

"Our efforts to reduce the finance cost and improved loan servicing resulted in improved ratings and helped us in refinancing Rs 721 crore of debt at reduced rate of interest from Indian Renewable Energy Development Agency (IREDA)," he added.

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.

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 2-3 years, more on this shall be announced in due course, he stated.

(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.)

First Published: Apr 20 2023 | 10:50 PM IST

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