In a challenging quarter marked by financial setbacks, Orient Green Power Company Limited (OGPL) has reported a consolidated net loss of Rs 20.64 crore for the period ending December 2023. This comes as a significant contrast to the net profit of Rs 9.74 crore recorded in the same quarter of the preceding 2022-23 financial year, as disclosed in an official exchange filing.
The company’s total income witnessed a notable decrease, plummeting from Rs 57.33 crore in the comparable period last year to Rs 38.18 crore in the current quarter. Conversely, expenses were slightly curtailed to Rs 60.76 crore, compared to Rs 65.78 crore in the third quarter of the previous fiscal year.
In response to these financial challenges, OGPL’s Chairman and Managing Director, T Shivaraman, issued a separate statement shedding light on the company’s strategic approach. He stated, “Our board has approved a rights issue for approximately Rs. 250 crore, primarily aimed at delving into the solar business and addressing our debt obligations. The reduced finance cost, coupled with a regulatory environment that fosters green energy initiatives, positions us well for future growth.”
The decision to venture into the solar business aligns with the global shift towards sustainable and renewable energy sources. The rights issue not only reflects OGPL’s commitment to environmental responsibility but also signifies a proactive effort to adapt to the evolving energy landscape.
Despite the Q3 financial setback, OGPL remains optimistic about its future prospects. The reduced finance cost, a strategic move into solar energy, and a supportive regulatory framework create a foundation for sustainable growth. As the company embraces greener alternatives, it positions itself as a forward-thinking player in the ever-changing energy sector.
