13th Dec 2023 14:15
(Alliance News) - OPG Power Ventures PLC on Wednesday said its interim profit and revenue jumped as operations increased.
The Isle of Man-based developer and operator of power plants in India said that pretax profit more than tripled in the six months to September 30 to GBP4.1 million from GBP725,332 a year before, as revenue jumped to GBP69.9 million from GBP27.0 a year ago.
The surge in revenue was driven by an increase in operations, OPG said.
Looking ahead, the company said it will "continue to work towards enhancing efficiency and reducing coal consumption through innovation and increased productivity levels."
It added that revenue for the financial year ending on March 31 is expected to be higher than that of financial 2023, at GBP58.7 million. OPG also said it expects to deliver strong operational and financial performance.
Non-Executive Chair Narayanan Kumar said: "OPG's business model is robust and designed to capitalise on opportunities in the Indian Power sector. The company has weathered a tough period of Covid followed by increased coal prices and the change in customer mix is a testimony to the resilience of the model. With the market correction in coal prices, generation at the Chennai plant and revenue have significantly increased."
Shares in OPG were up 3.9% at 13.50 pence each in London on Wednesday afternoon.
By Sabrina Penty, Alliance News reporter
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