Orient Green Power Company Ltd (OGPL) on Wednesday reported a 43 per cent decline in its consolidated net profit at Rs 33.80 crore in the July- September quarter of FY23.
The consolidated net profit of the company was Rs 59.65 crore in the quarter ended on September 30, 2021, a BSE filing stated.
Total income also dipped to Rs 108.24 crore in the quarter under review from Rs 115.58 crore in the same period a year ago.
T Shivaraman, Managing Director & CEO, said: “We have started this fiscal year with improved operating profits over the corresponding previous period. Despite witnessing marginal reduction in the revenues, the management’s efforts to bring down the expenses resulted in maintaining the operating margin higher than the corresponding previous period.” Shivaraman also stated that the company expects the dues from Andhra Pradesh be collected during the year, which shall reduce the debt burden significantly, resulting in a decrease in interest expense.
“The soaring energy demand globally is expected to give an edge to the company in price negotiation with the customers. We expect these factors shall position us well to continue this profitable growth trajectory,” Shivaraman added. PTI KKS HVA
