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Orient Green Power reports FY17 Results

Orient Green Power reports FY17 Results


– Revenues higher by 13%, EBITDA grows 37% to Rs.293 Crore
– EBIT increases 15.5 times to Rs.125 Crore
– OGPL generated 889 Mn units in FY17, an all-time high, Sales of RECs higher by 33%
– Strong Operational Performance – best ever EBITDA at Rs. 293 crore in FY17
– Board extends confidentiality and exclusivity agreement with IL&FS Wind to evaluate merger; combined entity to have capacity of 1.2 GW

Orient Green Power Company Limited (OGPL) a leading independent renewable energy-based power generation company in India has announced its results for the quarter and financial year ended March 31, 2017.

FY17 vs. FY16 (Consolidated)

– Revenue from Operations Rs. 461 crore v/s Rs. 410 crore, up 13% yoy
– Units generated at 889 Mn higher by 25% yoy, REC sales up 33% yoy
– EBITDA at Rs. 293 crore v/s Rs. 214 crore, higher by 37% yoy
– EBITDA margin expands 1200 bps yoy to 64%
– EBIT at Rs. 125 crore v/s Rs. 7.6 crore, increases 15.5 times yoy

Commenting on the performance, Mr. S. Venkatachalam, MD – OGPL, said: “We are delighted to report a strong performance in FY17. Revenue growth has been achieved on the back of improved traction in both our business lines of wind power and biomass power. There has also been an increase in sales of Renewable Energy Certificates, enabling us to monetize a substantial part of our inventory. Multiple initiatives to improve operating efficiencies have yielded sharp improvements in profitability driving EBITDA and EBIT to all-time highs.

Extended tenures for part of our term loans have enabled us to achieve positive cash flows in FY17. We are working on extending tenures for the remainder of outstanding loans to improve our ability to service debt. Proceeds from sale of select biomass assets will further reduce debt and refinancing at prevailing interest rates will allow us to significantly reduce finance costs, enhancing our financial position.

The outlook for a normal monsoon combined with sharply improved grid availability bodes well for the wind business. In Biomass, we have already secured a large proportion of annual feedstock requirement for 4 plants placing us in a position to operate these at high PLFs. Combined with initiatives to enhance operating efficiencies; we are well placed to sustain the momentum in performance.

We have executed the Share Purchase Agreement on the sale of 20 MW Biomass Power Plant in Kolhapur for a consideration of Rs.81 Crores. Our Board has extended the Confidentiality and exclusivity period to evaluate the merger of the wind business with that of IL&FS Wind, which with combined capacity of 1.2 GW and a truly pan-India presence will be the largest independent wind power generation Company in India. The simultaneous demerger of the biomass business is also progressing well. We are confident that the combined impact of these initiatives will create substantial value for all stakeholders.”

Shares of ORIENT GREEN POWER COMPANY LTD. was last trading in BSE at Rs.8.76 as compared to the previous close of Rs. 8.59. The total number of shares traded during the day was 130136 in over 137 trades.

The stock hit an intraday high of Rs. 9.15 and intraday low of 8.52. The net turnover during the day was Rs. 1148626.

Source: Equity Bulls

Anand Gupta Editor - EQ Int'l Media Network


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