Wednesday, May 25, 2022
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Orient Green Power Co Reports Rs 6.28 Crore Net Profit In Q3 Of FY22

 The company had reported a consolidated net loss of Rs 21.42 crore in the quarter ended on December 31, 2020.

Orient Green Power Co Reports Rs 6.28 Crore Net Profit In Q3 Of FY22
The company's total income during October-December 2021 rose to Rs 82.54 crore. Deposit Photos

Orient Green Power Company Ltd (OGPL) on Wednesday posted a consolidated net profit of Rs 6.28 crore for the December 2021 quarter, mainly on the back of higher revenues.

 The company had reported a consolidated net loss of Rs 21.42 crore in the quarter ended on December 31, 2020, according to a BSE filing.

 Total income during October-December 2021 rose to Rs 82.54 crore, against Rs 53 crore in the year-ago period.

 Its Vice-Chairman T Shivaraman said, "The resumption of REC (renewable energy certificates) trading during November 2021 resulted in an increased cash inflow of Rs 42 crore during the quarter. The REC trading is expected to be buoyant in the periods to come."

 He added that the efforts to reduce interest costs resulted in savings of Rs 4 crore during the current period.

 "The generation during the quarter went down marginally and is expected to revive in the upcoming quarter. The decision with respect to payments from Andhra Pradesh is pending before the Court. The company is confident of a favourable outcome on this matter," Shivaraman said.

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