Orient Green Power Ltd (OGPL) posted a consolidated net profit of Rs 2.2 crore in the June quarter on the back of higher revenues.
The company had reported a consolidated net loss of Rs 14.71 crore in the quarter ended on June 30, 2020, a BSE filing said.
Total income rose to Rs 77.44 crore in the quarter from Rs 65.34 crore in same period a year ago.
The board of directors of the company, has approved for withdrawal of the merger proposal of Bharath Wind Farm Limited (Wholly Owned Subsidiary) with Orient Green Power Company Ltd.
The board also approved the withdrawal of scheme for reduction of share capital by reducing the face value of the equity share of the company from Rs 10 each to Rs 5 each which was approved by the Board at its earlier meetings.
Venkatachalam Sesha Ayyar has tendered his resignation as Managing Director and CEO due to personal reasons and the Board has accordingly considered and accepted the same with effect from closing business hours of 30th September 2021.
Commenting on the performance, the OGPL MD said, "The improved wind availability for the quarter resulted in a better performance and the momentum is expected to continue in the upcoming quarters. Pending Supreme Court judgements, we have recognized our REC (renewable energy certificate) stock at a nominal value of Rs 1 only.
"The revenue for Q1 would have been higher by Rs.640 lakhs had RECs been recorded at the erstwhile floor price of Rs 1,000. Decision with respect to payments from Andhra Pradesh are also pending before the Court. The company is confident of favourable outcomes on these matters.
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