Orient Green Power Posts 40% Profit Rise, Eyes Solar Expansion

Orient Green Power Company reported a 40% year-on-year rise in consolidated net profit to Rs 13.05 crore for the June 2024 quarter. Total income marginally increased to Rs 68.39 crore. CEO T Shivaraman announced plans for a Rs 250 crore rights issue to venture into solar energy.

Orient Green Power Company reported a significant boost in its consolidated net profit, which rose by over 40% to Rs 13.05 crore in the June 2024 quarter, as per a BSE filing released on Wednesday.

The company had recorded a consolidated net profit of Rs 9.29 crore in the corresponding quarter of the previous year. Total income also saw a marginal increase, climbing to Rs 68.39 crore from Rs 67.82 crore year-on-year.

Managing Director and CEO T Shivaraman described the quarter as moderately productive, attributing a year-on-year revenue dip to delayed wind conditions at certain locations. However, he expressed optimism about compensating for this in future quarters. A significant contributor to the profit was the approval of a One Time Settlement (OTS) from the NCLT in Mumbai, which benefited profits from discontinued operations. Additionally, Shivaraman announced the company's plans to raise around Rs 250 crore through a rights issue aimed at venturing into solar energy generation.

He emphasized that with an expansion into solar energy, improved credit ratings, and a robust customer base, Orient Green Power is well-positioned for sustainable growth and continued returns.

(With inputs from agencies.)