Orient Green Q2 profit up 5 pc at Rs 37 cr

Orient Green Power Company Ltd (OGPL) posted 5 per cent rise in consolidated net profit at Rs 37.33 crore for the quarter ended September 30, 2019.

The company's net profit in the year-ago period stood at Rs 35.49 crore, a BSE filing said.

Total income during the quarter stood at Rs 135.12 crore as compared to Rs 149.76 crore a year ago.

"Unusual weather conditions and inconsistent wind patterns prevailing across the country have resulted in lower wind generation by 558 lakh units. The lower turnover due to reduced generation has been more than offset by improved REC realizations and reduced finance costs," Managing Director S Venkatachalam said.

Among the positives during the first half of this fiscal, REC (renewable energy certificates) trading remained buoyant and the company was able to generate revenues of Rs 2,842 lakh, he added.

"We continue to carry zero inventory of RECs, successfully liquidating all certificates for the last 18 months at attractive prices, thereby indicating the depth in the demand. Our efforts are directed towards building a strong balance sheet to support and amplify the operational performance. We believe we are favourably placed with respect to dues from Andhra Pradesh discom," Venkatachalam said.