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Orient Green Power 9M FY12 Total Income Higher by 7.3% At Rs179 Crore

  • “Enhanced capacities have resulted in increased depreciation and interest costs and this has impacted profitability:” OGPL MD Mr P KrishnakumarOrient Green Power Company (OGPL), a leading independent renewable energy-based power generation company in India, has announced its unaudited financial results for the nine months ended 31 December 2011. For the nine-month period in FY12 the revenue from operations expanded from Rs166 crore (in the previous year) to Rs179 crore in the current year. EBITDA was at Rs88.4 crore,  and the nine month loss was at Rs23.3 crore.There has been steady progress in biomass operations. It has added 32 MW incremental capacity in October-December 2011.
  • Commenting on the performance, Mr P Krishnakumar, managing director – OGPL said: “We are pleased to report topline growth in 9MFY12 despite significant challenges to individual projects as well as to the industry as a whole. Our gradual expansion in capacity has enabled us to increase total units generated on a y-on-y basis. Unplanned shutdowns due to change over from PPA to third party sale basis in southern plants and weather conditions have impacted quality of feedstock and potential power generation for biomass business. In Wind business, the grid availability issues and lower than expected wind availability has resulted in poor offtake of wind power generated. Enhanced capacities have resulted in increased depreciation and interest costs and this has impacted profitability as revenues from this new capacity will materialize over the coming quarters.”
  • The company’s performance during 9M FY12 has been impacted by poor wind availability during the FY12 wind season compared to FY11 wind season resulting in PLFs (plant load factors) below long term averages. Challenging weather conditions for its biomass plants in Rajasthan resulted in reduced PLFs as well as increase in per unit consumption of fuel.As of 31 December 2011 OGPL had total operating capacity of 336 MW which includes 275 MW of wind power and 61 MW of biomass power. During the quarter, it added 22 MW of wind power capacity at Tamil Nadu and 10 MW biomass power plant at Hanumangarh with sale to Tata Power.In the early afternoon, Orient Green Power Company was trading at around Rs14.85 per share on the Bombay Stock Exchange, 0.68% up from the previous close.

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