OPG Power Ventures reports 'strong' operational performance
OPG Power Ventures updated the market on the first nine months of its 2020 financial year on Tuesday, reporting total generation of 2.09 billion units, down slightly from 2.15 billion units for the first nine months of 2019.
The AIM-traded firm said the plant load factor at Chennai was 77% for the period, down from 79% year-on-year, while the average tariff stood at INR 5.67 (6p), rising from INR 5.33.
It highlighted a £13.3m term loan principal repayment during the nine months, representing 3.3p per share added in value to shareholders' equity.
Gross debt narrowed by 22% year-on-year to £62.5m, while the board paid a 2019 full-year scrip dividend of 0.6p per share in January.
“We are pleased to report another strong operational performance for the first nine months of the 2020 financial year, and we expect to meet market profit expectations for our full 2020 results,” said executive chairman Arvind Gupta.
At 1150 GMT, shares in OPG Power Ventures were up 0.3% at 16.8p.