Orient Green Power: Q2 Net Profit Up 22%

New Delhi, Nov 5 (PTI) Orient Green Power Company Limited (OGPL) on Wednesday posted a nearly 22 per cent rise in its consolidated net profit to Rs 80.94 crore in the September quarter compared to a year ago, mainly on the back of higher revenues.

The company had a consolidated net profit of Rs 66.46 crore in the quarter ended on September 30, 2024, a regulatory filing showed.

Total income rose to Rs 135.45 crore in the quarter from Rs 123.41 crore in the same period a year ago.

T Shivaraman, Managing Director & CEO, said in the statement, “The generation during the quarter has been consistent and continued the momentum gained during the previous quarter and enabled us to post a ~20% y-o-y increase in operating revenues during the half year.

"EBITDA for the half year recorded a y-o-y growth of around 16%. Finance costs reduced by over 20% due to reduction in interest rate contributed by prompt repayment of principal and improved ratings. Exceptional incomes from refund of excess interest by lenders of about ?16 crore during the quarter further boosted profitability for the half year..

The company's 7MW solar power plant is expected to be commissioned by December 2025. The balance planned capacity addition is expected to be completed by June 2026. With the component upgradation completed so far coupled with proposed solar power plant underway we expect to deliver improved returns, he said.