Orient Green Power loss narrows to Rs 32.35 cr in March quarter

Orient Green Power Company Ltd (OGPL) consolidated net loss narrowed to Rs 32.35 crore in the March quarter, mainly on the back of higher revenues.

The company had reported a consolidated net loss of Rs 42.64 crore in the year-ago quarter, according to a BSE filing.

Total income in the quarter rose to Rs 40.20 crore from Rs 39.08 crore a year ago.

For fiscal 2021-22, its net profit stood at Rs 35.78 crore, whereas it had recorded a loss of Rs 57.01 crore in 2020-21.

Total income in the fiscal was Rs 315.22 crore against Rs 262.70 crore in 2020-21.

''The resumption of REC (renewable energy certificate) trading during November 2021 resulted in an increased cash inflow of Rs 46.48 crore during the year. The REC trading is expected to be buoyant in the periods to come. The efforts to reduce interest costs resulted in savings of Rs 5 crore during the current year.

"'The generation during the quarter went down marginally and is expected to revive in the next year. Decisions with respect to payments from Andhra Pradesh are expected to result in increased cash flows in the coming year,'' OGPL MD and CEO T Shivaraman said.

(With PTI inputs)

Published on: Friday, May 20, 2022, 08:09 PM IST