Any current/future capex/capital investment/strategic investment?

The company is actively looking to acquire additional wind power sites with good Power Purchase Agreements (PPAs), especially in Tamil Nadu and group captive modes with attractive tariffs. They are studying proposals for asset acquisitions from various sellers and expect to conclude some deals within the next 3-4 months. New investments depend heavily on tariff levels; currently, tariffs around Rs. 2.60-2.70 per unit make new investments less attractive. The company is monitoring market conditions and hopes for better future tariff scenarios before committing to fresh capital expenditure. Over

Future growth expectations in sales/revenue/volumes?

Power demand in India is expected to grow steadily, with the government projecting around 8% growth annually, driven by both residential and industrial consumption, although actual growth may be closer to 6-7%. The renewable energy sector, especially wind power, is poised for expansion supported by government targets to increase renewable capacity, including a pipeline of about 20,000 MW tendered for new projects. The company (Orient Green Power) anticipates improved performance as it is now a pure wind entity after divesting biomass business, benefiting from better grid availability (~95%

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects better times ahead with firming tariffs in the wind sector, improved grid evacuation, and strong REC markets. Operating profits and EBITDA are anticipated to improve as legacy issues like biomass business divestment are resolved. Q3 and Q4 are typically lower wind generation quarters (20% of annual generation), but the company hopes for better wind conditions than the previous year. Management targets PBT breakeven by the end of the fiscal year, working on improving profitability momentum. Debt discussions and refinancing are underway, expected to conclude by Q4, which will

Orient Green Power Company LtdQ2 FY19Power

Orient Green Power Company Ltd Q2 FY19 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹8.34P/E: 18.3Market Cap: ₹978 CrSector: Power

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

Power demand in India is expected to grow steadily, with the government projecting around 8% growth annually, driven by both residential and industrial consumption, although actual growth may be closer to 6-7%.
The renewable energy sector, especially wind power, is poised for expansion supported by government targets to increase renewable capacity, including a pipeline of about 20,000 MW tendered for new projects.
The company (Orient Green Power) anticipates improved performance as it is now a pure wind entity after divesting biomass business, benefiting from better grid availability (~95%) and firming of tariffs above Rs. 5/unit versus earlier lower rates.
Revenue growth is linked to better wind seasons, enhanced REC market buoyancy, and corrections in power sector challenges such as timely payments and financing availability.
Expansion through acquisition of wind assets with good PPAs is under active consideration pending attractive tariff levels (above Rs. 2.7/unit needed for investments).
Overall, the company is confident of consistent growth driven by strategic initiatives and supportive macro factors.

Margin guidance

Category 3

The company expects better times ahead with firming tariffs in the wind sector, improved grid evacuation, and strong REC markets.
Operating profits and EBITDA are anticipated to improve as legacy issues like biomass business divestment are resolved.
Q3 and Q4 are typically lower wind generation quarters (20% of annual generation), but the company hopes for better wind conditions than the previous year.
Management targets PBT breakeven by the end of the fiscal year, working on improving profitability momentum.
Debt discussions and refinancing are underway, expected to conclude by Q4, which will improve financials and reduce interest costs.
Overall growth is supported by government support for renewables and improving power sector dynamics.
The CEO emphasizes potential for rewarding long-term investors once stable profitable growth is achieved, though no specific timeline for dividends or bonuses was provided.

See what Orient Green Power Company Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

- The company is actively working on refinancing existing high-cost debt, aiming to reduce interest rates by 100-150 basis points, targeting closures by the Jan-Feb-Mar quarter. - Discussions are ongoing with multiple institutions for refinancing, with visibility expected by end of January or February. - They are refinancing Beta Wind Farm loans (~Rs 950 crore) with hoped completion by end of March. - Additional refinancing options around Rs 50 crore are being explored to reduce interest rates in smaller portfolios. - No explicit mention of raising new equity capital or fresh equity fundraising. - Management is cautious on new investments; observing tariff levels before committing to new asset acquisitions or expansions. Overall, current focus is on debt refinancing to reduce interest costs and extend maturities rather than raising new equity or fresh debt at higher costs.

Order book

- The transcript does not explicitly mention any current or expected order book or pending orders for Orient Green Power Company Limited. - The company is actively looking at acquiring additional assets/sites with good PPAs, especially in Tamil Nadu, indicating prospective growth through acquisitions. - They are studying proposals from sellers and expect to conclude some acquisitions within the next 3-4 months. - New investments are on hold until tariffs become more attractive, currently around Rs. 2.60-2.70 per unit, which the management finds unappealing. - The company is optimistic about better times ahead due to improvements in tariffs, REC trading, and government push for renewables. No specific details or figures about order book or pending orders were disclosed in the call.

See what Orient Green Power Company Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is actively looking to acquire additional wind power sites with good Power Purchase Agreements (PPAs), especially in Tamil Nadu and group captive modes with attractive tariffs.
They are studying proposals for asset acquisitions from various sellers and expect to conclude some deals within the next 3-4 months.
New investments depend heavily on tariff levels; currently, tariffs around Rs. 2.60-2.70 per unit make new investments less attractive.
The company is monitoring market conditions and hopes for better future tariff scenarios before committing to fresh capital expenditure.
Overall, the focus is on strategic asset expansion through acquisitions rather than greenfield investments until market tariffs improve.

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