Any current/future new fundraising through debt or equity?

There are ongoing discussions with bankers for refinancing to reduce interest costs. Refinancing depends on regularization of payments from discoms, especially Andhra Pradesh. Interest reduction of about Rs. 25 to 30 crore is anticipated over one or two quarters if refinancing is successful. The group loan of Rs. 444 crore remains on the books with interest waived by the group; no immediate repayment plans. Management indicated no immediate plans for converting promoter debt into equity due to current market conditions but may consider it in the future subject to regulations. No explicit menti

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

The transcript does not explicitly mention any current or future capex or strategic capital investments planned by Orient Green Power. The company is focused on exiting loss-making biomass operations and reducing debt rather than new capital expenditure. Management discusses efforts on refinancing debt and interest cost reduction, but no specific new projects or investments are highlighted. The emphasis is on navigating current operational challenges, regulatory environment improvements, and awaiting supportive government measures for the renewable energy sector. Positive outlook is expressed

Future growth expectations in sales/revenue/volumes?

The company reported a positive PBT of Rs. 3.7 crore for the 9 months ended December 2019, despite a subdued wind season. There is optimism for FY21 assuming an average or good wind season which could add 5-6 crore units, translating to an additional Rs. 4.5 to Rs. 5 per unit, improving profitability. Renewable energy obligations (RPO) are increasing year-on-year by 50 to 100 basis points, sustaining demand for RECs which support revenue. The government is taking serious measures to resolve payment delays by discoms, which if resolved, would improve cash flow and support refinancing and intere

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

The company reported a positive PBT of Rs.3.7 crore for the nine months ended December 2019 despite a subdued wind year. Operational performance is expected to improve if there is an average or good wind season in FY21, potentially generating an additional 5-6 crore units and increasing profits by Rs. 20-30 crore. Government support is anticipated, addressing delayed payments by discoms, which currently strain cash flows and project financing. Renewable Energy Certificates (RECs) prices remain strong (above Rs.1,500), supporting revenue, with expected continued momentum in FY21 due to rising R

Orient Green Power Company LtdQ3 FY20Power

Orient Green Power Company Ltd Q3 FY20 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

Order

N/A

Capex

N/A

0 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

The company reported a positive PBT of Rs. 3.7 crore for the 9 months ended December 2019, despite a subdued wind season.
There is optimism for FY21 assuming an average or good wind season which could add 5-6 crore units, translating to an additional Rs. 4.5 to Rs. 5 per unit, improving profitability.
Renewable energy obligations (RPO) are increasing year-on-year by 50 to 100 basis points, sustaining demand for RECs which support revenue.
The government is taking serious measures to resolve payment delays by discoms, which if resolved, would improve cash flow and support refinancing and interest cost reductions.
Competitive bidding caps have previously deterred new bids, but policy adjustments and government announcements may revive interest and growth in the renewable sector.
Overall market demand is expected to improve with government focus on increasing renewable energy share to 23-25% in the next 3-4 years.

Margin guidance

Category 3

The company reported a positive PBT of Rs.3.7 crore for the nine months ended December 2019 despite a subdued wind year.
Operational performance is expected to improve if there is an average or good wind season in FY21, potentially generating an additional 5-6 crore units and increasing profits by Rs. 20-30 crore.
Government support is anticipated, addressing delayed payments by discoms, which currently strain cash flows and project financing.
Renewable Energy Certificates (RECs) prices remain strong (above Rs.1,500), supporting revenue, with expected continued momentum in FY21 due to rising RPO obligations.
Interest cost reductions are forecasted through refinancing and government-backed lenders' support, potentially lowering expenses by Rs.25-30 crore.
Exiting loss-making biomass operations is expected to improve profitability.
Overall, the sector’s fundamentals are strong, and government initiatives targeting 175 GW renewables by 2022 offer growth opportunities.

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

Fundraise plans

There are ongoing discussions with bankers for refinancing to reduce interest costs.
Refinancing depends on regularization of payments from discoms, especially Andhra Pradesh.
Interest reduction of about Rs. 25 to 30 crore is anticipated over one or two quarters if refinancing is successful.
The group loan of Rs. 444 crore remains on the books with interest waived by the group; no immediate repayment plans.
Management indicated no immediate plans for converting promoter debt into equity due to current market conditions but may consider it in the future subject to regulations.
No explicit mention of new equity fundraising; focus is on managing existing debt and improving cash flow.
Government support and better discom payments are critical for improving refinancing and funding options going forward.

Order book

The transcript provided from the Q3 FY20 earnings call of Orient Green Power does not explicitly mention details about the current or expected order book or pending orders. However, relevant insights include: - The company is actively exiting biomass operations and focusing on wind operations. - There has been strong interest and bids from various players in renewable energy, but competitive bidding with capped tariffs has created challenges in project execution. - Government efforts are ongoing to support renewable energy expansion with a target of 175 GW by 2022. - Regulatory and payment challenges from discoms (e.g., Andhra Pradesh) have impacted cash flows and project progress. - Outlook remains cautiously positive due to government support and improving payment discipline expected in coming months. - No specific order values or pending contract figures were disclosed in the available transcript. For detailed order book data, direct company disclosures or investor presentations would need to be consulted.

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

Capex plans

The transcript does not explicitly mention any current or future capex or strategic capital investments planned by Orient Green Power.
The company is focused on exiting loss-making biomass operations and reducing debt rather than new capital expenditure.
Management discusses efforts on refinancing debt and interest cost reduction, but no specific new projects or investments are highlighted.
The emphasis is on navigating current operational challenges, regulatory environment improvements, and awaiting supportive government measures for the renewable energy sector.
Positive outlook is expressed towards sector recovery and increasing renewable energy targets, but specific capex plans remain unmentioned in the call.

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