Orient Green Power Q1 net profit jumps over 40% to ₹13 crore

The company reported a consolidated net profit of ₹9.29 crore in the quarter ended on June 30, a BSE filing showed.

Its total income rose to ₹68.39 crore in the quarter from ₹67.82 crore a year ago.

Orient Green Power Managing Director and CEO T. Shivaraman, in a statement, said the current quarter is a moderate one in terms of generation.

The delayed onset of wind at certain locations resulted in a marginal year-on-year reduction in revenues during the quarter.

However, he further stated that this is expected to be made up in the upcoming quarters.

The approval of One Time Settlement (OTS) from the NCLT, Mumbai during the quarter contributed to the profits from discontinued operations, Shivaraman said.

"We have received the approvals for raising capital of about ₹250 crore through a rights issue, and the issue is expected to open by the 27th of this month, through which we propose to venture into solar energy generation," he stated.

With the foray into solar energy, improved credit ratings and a strong customer base, the company expects to create sustainable growth and deliver returns, he added.