OPGC achieves remarkable performance in FY23

OPGC achieves remarkable performance in FY23

TBB BUREAU

BHUBANESWAR, JUNE 13, 2023

The Odisha Power Generation Corporation Ltd. (OPGC) has achieved remarkable milestones, demonstrated resilience and cemented its position as a market leader during financial year 2022-23 (FY23)

Through the successful implementation of many improvements in the last two years in Unit 3&4, the annual PLF (Plant Load Factor) has improved to 77 per cent in FY23 from 49 per cent in FY20. 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 per cent PLF and providing a good support to the state.

OPGC has achieved an unprecedented level of revenue growth of more than 50 per cent from Rs 2867 crore in FY22 to Rs 4317 crore in FY23.

Through scrupulous financial management and cost optimization measures, OPGC has achieved exceptional profitability with the highest-ever EBIDTA margin of 48 per cent.  The Company, which was suffering loss during the last three financial years, has achieved a profit of Rs 1126 crore 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.

During FY23, OPGC has achieved strong financial ratios like Debt Equity Ratio lower than 2 which signifies higher solvency and Current Ratio of more than 3.

Commenting on the exceptional financial performance, in the Board of Directors’ meeting on Monday, OPGC Chairman and Additional Chief Secretary, Department of Energy, NB Dhal attributed the success to the unwavering dedication and hard work of the entire OPGC team. He said 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,” said Dhal.

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.