OPG Power Ventures: Interim Results

17th February 2019 | OPG Power Ventures

OPG (AIM: OPG), the developer and operator of power generation plants in India, announces its unaudited results for the six months ended 30 September 2018 (“H1 FY19”).

Highlights

  • H1 FY19 total generation of 1.55 billion units up 9% from 1.42 billion units in H1 FY18
  • Robust operational performance – PLF at Chennai 85% in H1 FY19; 73% in H1 FY18
  • Chennai average tariff in H1 FY19 was Rs5.20, Rs4.92 in FY18
  • Profit from continuing operations was £6.5 million compared with £2.1m in H1 FY18
  • Average tariff increase of 7 per cent to Rs5.58 effective from October 2018 for captive consumers
  • Coal prices have reduced by 23 per cent since end of September 2018
  • £10.3 million term loan principal repayment in H1 FY19; Gross debt £85.9 million, incl. term loans of £76.5 million and working capital loans of £9.4 million

Summary financial information (including historic financial data)

 

  • Revenue: £77.9m (2017: £66.5m )
  • EBITDA £14.4m (2017: £13.6m)
  • Profit Before Tax £7.3m (2017: £4.2m)
  • Profit/(Loss) Per Share /EPS (pence): 1.67** (2017: (0.70))**

* Gujarat financials are excluded on account of deconsolidation

** Includes dilution impact of 31,601,503 shares which will be issued in December 2018 under scrip dividend

Arvind Gupta, Chairman, commented:

“We are pleased to have continued with our strong operational performance and maximised volumes from our Chennai plant. Healthy operational performance, an increase in tariffs and continued reduction in coal prices keep us optimistic about the prospects for the Company in FY19. All these factors are expected to provide the basis for OPG to demonstrate robust profitability in FY19.”