Orient Green Power Company on Thursday posted a consolidated net loss of ₹18.97 crore in the March quarter on the back of higher expenses. The consolidated net loss of the company was ₹32.35 crore in the year-ago period, a BSE filing stated.
The company’s total income stood at ₹46.45 crore during the quarter as against ₹40.20 crore a year ago.
Total expense of the firm rose to ₹71.99 crore during the period under review from ₹70.88 crore in the corresponding period of the previous year.
The consolidated net loss also narrowed to ₹33.33 crore in 2022-23, as compared with ₹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, MD and CEO, said in the statement.
The previous year witnessed a one-time income of ₹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 ₹86 lakh.
“Our efforts to reduce the finance cost and improved loan servicing resulted in improved ratings and helped us in refinancing ₹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.
