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Orient Green Power loss narrows to Rs 21 crore in December quarter

The net loss of the firm in the year-ago period was Rs 39.69 crore, Orient Green said in a BSE filing.

February 05, 2021 / 05:18 PM IST
 
 
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Orient Green Power Company on Friday said its consolidated net loss in December quarter narrowed to Rs 21.42 crore mainly on the back of higher revenues.

The net loss of the firm in the year-ago period was Rs 39.69 crore, Orient Green said in a BSE filing.

Total income of the company rose to Rs 58.04 crore in the quarter from Rs 43.01 crore in the same period a year ago.

"The improved wind availability in Q3 has helped lessen the overall impact of the shortfall in H1 (first half of fiscal). Further, pending Supreme Court judgements, we have recognized our REC (renewable energy certificate) stock at a nominal value of Rs 1 only,” Managing Director S Venkatachalam said.

Had this been valued at the erstwhile floor price of Rs 1,000/REC, the revenue for the quarter and nine months would have been higher by Rs 523 lakh and Rs 2,015 lakh, respectively.

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"Decision with respect to payments from Andhra Pradesh is also pending before the Court. We are confident of favourable outcomes in respect of both these cases in the coming months,” Venkatachalam said.

Orient Green is an independent renewable energy-based power generation company.
PTI
first published: Feb 5, 2021 05:18 pm

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