Orient Green Power Company on Thursday reported narrowing of its consolidated net loss to Rs 39.68 crore for the quarter ended December 2019, mainly due to higher revenues. The company's consolidated net loss stood at Rs 65.74 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.
Total income rose to Rs 43.01 crore in the quarter under review from Rs 33.62 crore earlier.
The board of directors of the company also approved reduction of face value of its equity share of Rs 10 each to Rs 5 each by reducing the share capital from Rs 7,507,239,770 to Rs 3,753,619,885.
This is subject to the approval of the shareholders, National Company Law Tribunal, Chennai Bench and all other regulatory approvals, it added.
"The proposed capital reduction would not have any adverse effect on the interest of the Shareholders. As there is no outflow of/ payout of funds from the Company, hence the interest of the creditors is not adversely affected," the company said.
The board also approved merger of wholly owned subsidiaries Orient Green Power (Maharashtra) Private Ltd and Bharath Wind Farm Ltd with Orient Green Power Company Ltd (OGPL), subject to the approval of the shareholders, regional director and all other regulatory approvals.
Commenting on the results, S Venkatachalam, MD - OGPL, said, "We have had a relatively stable quarter, with revenue growth of 28 per cent, on the back of better availability of Wind...The case for Renewable Energy is getting stronger each day and, as one of the more experienced players and the only listed pure play Company in India, we are well positioned to benefit from the improving industry landscape.
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