Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
India-focused power generator OPG Power Ventures said it expected to meet market expectations for annual profit amid a fall in generation volumes.
Total generation in the year through March fell to 2.11 billion units, down from 2.72 billion year-on-year, primarily due to Covid-19-induced nationwide lockdown in India.
The plant load factor fell to 58% from 75% and the average tariff for the year fell to Rs5.52, down from Rs5.67.
'Despite the disruption caused by Covid-19, OPG delivered very strong cash generation and achieved a significant reduction in debt during the year and has also continued its strategy of deleveraging the business,' chairman Arvind Gupta said.
'We expect to meet the market expectations for our 2021 financial year profit after tax and cash generation.'
'We continue to work tirelessly to implement plans to limit the business disruption to OPG and the associated human, financial and commercial consequences of the second wave of Covid-19.'