24th May 2016 09:32
LONDON (Alliance News) - OPG Power Ventures PLC on Tuesday said it performed in line with market expectations in its recently-ended financial year and announced that it will pay its maiden dividend in the current year.
OPG, which operates power generation plants in India, said aggregate generation in the year ended March 31 increased by 70% to 3,177 gigawatt hour from 1,861 GWh in the prior year. Delivered coal costs were also 7% lower year-on-year.
OPG said it will pay its maiden dividend in the current financial year to March 31, 2017. Its dividend policy will initially seek to pay out 15% of full-year net earnings, subject to the level of free cash flow.
"We believe that, as India leads global growth amongst major economies, we are uniquely placed to grow our business and our earnings and to become the leading developer and operator in the Indian power sector," Chief Executive Arvind Gupta said in a statement.
OPG will release its full-year results in July.
Shares in OPG were trading up 3% at 69.50 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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