Orient Green turns to loss in Q1 FY 2013/14

Aug 13, 2013 - Indian renewable energy firm Orient Green Power Co Ltd (BOM:533263) on Monday posted an INR-87-million (USD 1.4m/EUR 1.1m) after-tax loss for its first fiscal quarter to June 30, against a profit of INR 23 million a year ago.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 10% to INR 728 million. EBITDA margin grew to 57.65% in the first quarter of fiscal 2013/14 from 49.2% a year back. Orient Green’s managing director P Krishnakumar explained that the improvement was the result of economies of scale, boosted efficiencies and the impact of cost management initiatives undertaken by the company.

April-June revenue for the company amounted to INR 1.26 billion, including INR 175.4 million from the sale of renewable energy certificates (RECs).

Orient Green already has 406 MW of operating wind farms and 60.5 MW of biomass capacity. It expects to put on stream 18.6 MW of additional wind and 15.5 MW of biomass power capacity by the end of August. Thus, the company will exceed 500 MW of operated clean energy capacity, it said in the results release.

(INR 100 = USD 1.628/EUR 1.224)

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