Orient Green Power Company Limited , a prominent player in the renewable energy sector, has reported exceptional financial results for the first quarter, showcasing remarkable growth across key metrics.

Impressive Financial Performance

The company's net profit skyrocketed by an impressive 446%, reaching ₹28.85 crores compared to ₹5.28 crores in the corresponding period of the previous year. This substantial increase in profitability underscores the company's robust operational efficiency and strategic initiatives.

Total income for the quarter saw a significant uptick of 38.56%, amounting to ₹93.17 crores. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also demonstrated strong growth, increasing by 46.39% to reach ₹65.92 crores.

Improved Operational Efficiency

Orient Green Power's EBITDA margin showed notable improvement, rising to 70.75% from 66.97% in the same quarter last year. This enhancement in margin reflects the company's ability to manage costs effectively while driving revenue growth.

The company attributed its stellar performance to several factors:

• Early onset of the wind season
• Consistent wind availability
• Resumption of certain windmills following component upgrades

These factors collectively contributed to the company's ability to generate higher revenues and improve its overall operational efficiency.

Financial Management and Cost Reduction

In a positive development for the company's financial health, finance costs declined by over 15%. This reduction was achieved through:

• Prompt repayments of debts
• Improved credit ratings

The company's proactive approach to financial management has resulted in lower interest expenses, further boosting its profitability.

Expansion and Future Projects

Orient Green Power is actively pursuing growth opportunities in the renewable energy sector. Key developments include:

• Entering into an EPC (Engineering, Procurement, and Construction) contract for a 7MW solar power project in Tamil Nadu
• Plans to develop a 25MW AC solar project across multiple locations

These initiatives demonstrate the company's commitment to diversifying its renewable energy portfolio and expanding its operational capacity.

Current Operational Capacity

Orient Green Power boasts a significant presence in the wind energy sector with a total operational capacity of 392.8 MW:

• 382.3 MW of wind power capacity across four Indian states:
  • Tamil Nadu
  • Andhra Pradesh
  • Gujarat
  • Karnataka
• An additional 10.5 MW wind farm in Croatia, marking its international presence

The company's substantial wind power portfolio, coupled with its foray into solar projects, positions it strongly in the renewable energy market.

Orient Green Power's outstanding quarterly results and strategic expansion plans reflect its strong position in the renewable energy sector. The company's focus on operational efficiency, cost management, and portfolio diversification bodes well for its future growth prospects in the evolving clean energy landscape.

Orient Green Power Company Limited (OGPCL) announced a significant financial development for its subsidiary, Beta Wind Farm Private Limited. The company disclosed that Beta Wind Farm received Rs. 9.31 crore following an award from the Reserve Bank of India (RBI) Ombudsman in a matter against Bank of Baroda.

Financial Impact

The receipt of this award is expected to have a material impact on the company's financial performance. OGPCL stated that this inflow would increase the profitability for both the current quarter and the fiscal year by Rs. 9.31 crore.

Background of the Award

The company had previously intimated stakeholders about this matter on January 12, 2024. The recent payment is in compliance with the award granted by the Office of the RBI Ombudsman, Thiruvananthapuram, in the case of Beta Wind Farm Private Limited vs. Bank of Baroda.

Regulatory Compliance

In adherence to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, OGPCL made this disclosure to both the BSE Limited and the National Stock Exchange of India Limited.

Company Statement

G Srinivasa Ramanujan, Company Secretary & Compliance Officer of Orient Green Power Company Limited, signed the official communication to the stock exchanges, emphasizing the materiality of this financial development.

This positive outcome for Beta Wind Farm Private Limited, a material subsidiary of OGPCL, underscores the potential for financial improvements within the Orient Green Power group. Investors and stakeholders will likely be watching closely to see how this windfall affects the company's overall financial health in the coming quarters.