Shares of this small-cap green energy stock under Rs 20 hit the 5 percent upper circuit in Thursday’s trading session after the company reported robust financial results for the quarter ended September 2023.
With a market capitalization of Rs 1,423.03 crores, the stocks of Orient Green Power Company Limited opened their trading session on Thursday hitting the 5 percent upper circuit at Rs 14.51 and, currently, it is locked in the same price.
Such bullish stock price behavior was witnessed after the company, through a regulatory filing with the BSE dated 1st November 2023, announced its financial results for Q2FY24, i.e., for the quarter ended September 2023.
On a sequential basis, the company reported an increase in prime business indicators such as operating revenues and net profits.
The operating revenues moved up from Rs 79 crores during Q1FY23-24 to Rs 122 crores during Q2FY23-24, and, the net profits, in congruence with the pattern, shifted from Rs 9 crores to Rs 75 crores representing an increase of around 733 percent.
In addition, the company, on a YoY basis too, reported great performance with the operating revenues increasing from Rs 108 crores during Q2FY22-23 to Rs 122 crores during Q2FY23-24, and, the net profits, during the same period, more than doubled from Rs 35 crores to Rs 75 crores.
Historically, the company, due to increased cost pressure, reported a decline in its profitability ratios with the return on equity (RoE) reducing from 9.84 percent during FY21-22 to 6.93 percent during FY22-23, and, the return on capital employed (RoCE) dipping from 9.65 percent to 8.69 percent.
According to the shareholding pattern data for the quarter ended September 2023, the company’s Promoters hold a 32.48 percent stake and the Public (retail) investors hold a 63.96 percent stake in the company.
Orient Green Power Company Limited is a company based in India that is engaged in the process of developing as well as operating renewable energy power plants. The company is focused on wind energy with the wind assets representing approximately 425 MW of its overall portfolio.
Written by Amit Madnani
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