OPG Power Ventures says thermal power 'indispensable' as profit falls
OPG Power Ventures PLC on Tuesday said it believes thermal power will be ‘indispensable’ as the Indian power sector evolves, while it reported a revenue and profit decline.
The Isle of Man-based developer and operator of power plants in India said pretax profit fell 32% to £5.2 million in the financial year ended March 31, from £7.7 million a year ago.
Earnings per share declined 66% to 0.35 pence from 1.02p.
Revenue declined 2.5% to £156.7 million from £160.8 million. Cost of revenue dipped 0.2% to £132.5 million from £132.8 million, while distribution costs increased 69% to £9.5 million from £5.6 million.
Chair Narayanan Kumar said: ‘FY25 marked another year of steady operational delivery. Our 414 megawatt thermal plant in Tamil Nadu maintained industry level plant load factors, ensuring consistent power supply during periods of elevated demand. This strong performance reflects the discipline of our teams, robustness of our asset base, and effectiveness in managing operations across varying market conditions.’
Looking ahead, he said: ‘As the Indian power sector continues to evolve, we firmly believe thermal power will remain indispensable, in the near future, for supporting peak demand coverage and round-the-clock energy access.’
OPG Power shares fell 6.6% to 7.80 pence each on Tuesday afternoon in London.
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