Orient Green Power Q4 results: Co posts consolidated loss of Rs 42.64 crore

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NEW DELHI: (OGPL) on Friday reported a consolidated loss of Rs 42.64 crore within the March quarter, primarily resulting from decrease revenues. The firm had reported a consolidated web revenue of Rs 20.91 crore within the quarter ended March 31, 2020, in keeping with a regulatory submitting.

Total earnings within the quarter dipped to Rs 39.08 crore, from Rs 114.51 crore in the identical interval a 12 months in the past.

The consolidated web loss of the corporate in 2020-21 stood at Rs 57.01 crore, whereas it had posted a revenue of Rs 19.88 crore in 2019-20.

Total earnings of the agency declined within the fiscal 2020-21 to Rs 262.70 crore, from Rs 386.44 crore in 2019-20.

The board of administrators of the corporate, has accredited the withdrawal of the merger proposal of Orient Green Power (Maharashtra) Private Limited (wholly-owned subsidiary) with Orient Green Power Company Limited, which was accredited by the board at their assembly held on January 30, 2020.

“Pending Supreme Court judgements, we have recognized our REC stock at a nominal value of Re 1 only. The revenue for Q4 and the Full Year would have been higher by Rs 449 lakhs and Rs 2,466 lakhs had renewable energy certificates (RECs) been booked at the erstwhile floor price of Rs 1,000/REC,” OGPL MD S Venkatachalam mentioned.

Venkatachalam additional famous that the improved wind availability in HY2 has helped reduce the general influence of the shortfall in HY1. Decisions with respect to funds from Andhra Pradesh are additionally pending earlier than the Court.

“We are confident of favourable outcomes in respect of both the REC Floor Price and AP payments in the coming months,” Venkatachalam mentioned.

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