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Orient Green Power H1 net profit at Rs360mn

India Infoline News Service | Mumbai | November 15, 2012 10:15 IST

Revenue from Operations expands 116% from Rs133 crore to Rs287 crore

Orient Green Power Company Limited (OGPL), a leading independent renewable energybased power generation company in India, has announced its unaudited financial results for the half year ended September 30, 2012. Details are as under:

H1 FY13 vs. H1 FY12 (Consolidated)
Revenue from Operations expands 116% from Rs133 crore to Rs287 crore
EBITDA higher by 153% from Rs64 crore to Rs162 crore
PAT grows 328% from Rs8.4 crore to Rs36 crore
EPS (Basic) of `0.53 per share

Commenting on the performance, Mr. P. Krishnakumar, Managing Director - OGPL, said:We are pleased to report a significantly improved performance in the first half of this year.The effects of our expanded capacities have resulted in robust growth in revenues, especially from our wind segment. Favorable wind conditions have led to an improved PLF while revision of tariffs undertaken at the start of the year has positively impacted realisations. With about 400 Mw in operation as of end Sep.12, Company continues to be a significant player in the Renewable Power Sector.The biomass segment has faced challenges with the shutdown of one of our plants in North India during the quarter. REC realisations have also softened. However, operating leverage from expanded wind power capacities has led to an improvement in EBITDA. We are
undertaking a few strategies towards rationalization of debt, which should help us to lower our interest outgo and result in improved bottom line.

We are encouraged by our comprehensive portfolio of operating assets which now have an established track record. Execution of our capacity expansion plan, greater willingness from
regulators to review tariffs and higher compliance with the REC mechanism will help us to grow and maintain our business going forward.

Performance Update
The companys performance during H1 FY13 has been driven by:
Strong top line growth in the Wind segment aided by increased capacities and strong PLFs which have led to 364 million of units generated in H1

The general tariff revision by TNEB has led to realizations improving from Rs3.95 per KwH in H1FY12 to Rs4.55 per KwH in H1FY13. However, the tariff increase was partially nullified due to
an increase in transmission, distribution and O& M charges levied by TNEB.

During the quarter ending September 30, 2012, OGPL commissioned 12.05 MW of wind power assets.

In the Biomass segment, shutdown in one of the plants in the North and sub-optimal performance in other plants led to a decline in PLF from 74.9% in Q1 to 52.1% in Q2. On operated Capacity PLF had been at 65.5% for the quarter. Non-commissioning of a scheduled plant also resulted in
lower generation of units than expected. However, the situation is expected to improve in Q3.

The operating margins in the Biomass segment were compressed due to lower sales generation and continued pressure on fuel cost.

RECs continued to boost the top line of the company. However, the contribution from sale of

RECs was muted as majority of transactions during the quarter were at floor price due to lower compliance during the mid - year.

OGPL had sold its stake in its Sri Lankan subsidiary, Powergen Lanka Private Limited for a profit resulting in higher other income. Other Income was also helped by forex gain on account of
complete hedging of USD 35 Million ECB.

As of September 30, 2012 total operating capacity was 398 MW which includes 337.41 MW of wind power and 61 MW of Biomass Power

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