Orient Green Power Q2 net profit grows two-fold to Rs 75 crore

Orient Green Power Company on Wednesday reported an over two-fold jump in its consolidated net profit to Rs 75 crore during the second quarter ended September 30 on the back of higher income. It had clocked Rs 33.80 crore net profit during the July-September period of the preceding fiscal, the company said in a regulatory filing.

The company's total income surged to Rs 124.10 crore from Rs 108.24 crore in the year-ago quarter.

Its expenses stood at Rs 62.36 crore in the quarter under review against Rs 68.44 crore a year ago.

The board has also approved fundraising up to Rs 225 crore by way of an issuance of equity shares of face value of Rs 10 each of the company to its eligible equity shareholders on a rights basis ("Rights issue"), subject to receipt of necessary approvals from regulatory authorities.

T Shivaraman, Managing Director and CEO, said: "At the outset, we extend our gratitude to our shareholders for their overwhelming support in subscribing fully to the rights issue.

As regards the performance, the wind availability during the quarter has been good and our operating revenues for the quarter and half year improved by 13 per cent and 8 per cent, respectively".

Further, to achieve the targeted installed capacity of 1GW, the board approved a capacity expansion plan wherein our company will venture into solar and a hybrid model of wind and solar energy, the managing director said.