Green energy developer, Orient Green Power’s shares rose 9.2% in the Bombay Stock Exchange today to close at a one month high of Rs 10.80. The shares rose to an intraday high of Rs 11.65.
The company yesterday had declared strong numbers reporting that its revenue from operations more than doubled to Rs.135.2 crore. The Q1FY13 revenues at >50% of FY12 annual revenues. The company announced a EBITDA growth of 144% from Rs.27 crore to Rs.65.9 crore and an increase in EDITDA margin improvement of 530bps to 48.71%. The PAT stood at Rs.2.3 crore as compared to Rs.3.5 crore in Q1 FY12.
The company had also reported improved PLFs in the wind power business leading to an average PLF of 23.4% in Q1FY13 compared to 18.90% in Q1FY12. However grid back downs continue to be a challenge in Tamil Nadu.
Further it noted an improved average realisation of Rs 4.37 per KwH for wind energy due to general tariff revision implemented by the TNEB and increased sale of power in the open market to third parties. There was also a higher consistency and PLFs for Biomass Power plants in Tamil Nadu and North India.
The average realisations increased to 5.81per KwH for biomass energy due to exit from PPA of Plants in Tamil Nadu resulting in higher sales to third parties at open market tariffs. These plants also had the benefit of Renewable Energy Certificate (RECs) income enhancing revenue levels.
During the quarter ending June 30, 2012, OGPL added 23.4 MW of wind power assets in Tamil Nadu. As of June 30, 2012 total operating capacity was 386 MW, an increase of 166MW of which wind operating capacity stood at 325.36MW with an increase of 145 MW and biomass operating capacity was 61 MW with an increase of 21 MW.