Orient Green Power Q4 results: Post net profit of Rs 20.9 crore

New Delhi: Orient Green Power Company Ltd (OGPL) on Wednesday reported a consolidated net profit of Rs 20.90 crore in March quarter.

The company has posted a net loss of Rs 15.4 crore in the corresponding quarter last year, OGPL said in a BSE filing.

The total income in the quarter under review stood at Rs 116.12 crore as compared with Rs 87.37 crore a year ago.

"Overall FY20 has been a good year for us as we have reported an overall profit of Rs 370 million as against loss of Rs 330 million last year from continuing operations," OGPL MD S Venkatachalam said in a statement.

"Improved REC (green certificates) realization and reduced finance costs helped mitigate the effect of a relatively lower wind generation," he added.

The performance in FY20 vindicates the success of the company's recent strategic initiatives which have strengthened the business and created a strong base which can allow it to aspire for the next phase of growth, he said.

"We look forward to favourable court judgements with respect to the retrospective changes in REC floor price and also regarding payments from Andhra Pradesh," he added.