Bhubaneswar : Odisha Power Generation Corporation Ltd. has announced its financial performance for the fiscal year 2023 which establishes that the company has achieved remarkable milestones, demonstrated resilience and cemented its position as a market leader.
Key highlights of OPGC’s operational& financial performance:
Improved Generation from new units: Through the successful implementation of many improvements in the last two years in Unit 3&4, after the management was taken over from AES by the Government of Odisha, annual PLF has improved to 77% in FY 23 from 49% in FY 20. This has enhanced the energy security of the state by supplying more power at a competitive price. Presently during the ongoing summer, units are running at 90% PLF and providing a good support to the state.
Record-breaking Revenue: OPGC has achieved an unprecedented level of revenue growth of more than 50% from Rs 2867 Cr last year to Rs 4317 Cr in FY23.
Robust Profitability: Through scrupulous financial management and cost optimization measures, OPGC has achieved exceptional profitability with the highest-ever EBIDTA margin of 48%. The Company, which was suffering loss during the last three financial years, has achieved a profit of Rs 1126 Cr. as a result of improved PLF, lowering of operational cost and finalization of tariff. Focus on improving operational efficiency by improving PLF, lower operational cost and streamlining processes has resulted in enhanced margins and a sound financial foundation.
Strong Financial Governance and Financial Ratios: During the financial year 2023, OPGC has achieved strong financial ratios like Debt Equity Ratio lower than 2 which signifies higher solvency and Current Ratio of more than 3. OPGC places great importance on financial governance and risk management. The company’s robust practices ensure compliance with regulatory requirements and safeguard its assets. Transparent financial reporting, integrity, and accountability further enhance stakeholder confidence.
Commenting on the exceptional financial performance, in theBoard of Directors’ meeting on 12th Jun 2023, the Chairman of the Company and Additional Chief Secretary, Department of Energy, Shri N B Dhal, IAS, expressed his pleasure and attributed the success to the unwavering dedication and hard work of the entire OPGC team. He stated that the Board is incredibly proud of the remarkable financial performance. It is a testament to the talent, passion, and commitment of our team members across the organization. We remain focused on delivering value to our shareholders and maintaining our leadership position in the industry.
Moving forward, OPGC remains committed to its strategic vision, continuing to innovate and adapt to the evolving needs of the power requirement of the State. By leveraging its strong financial performance and industry expertise, the company is poised for continued growth and success.