OPG Power Ventures PLC, the developer and operator of power generation plants in India, announces its preliminary results for the year ended 31st March 2015.
Highlights
Financial
• Revenue of £99.97m up 1.2 % (FY14: £98.81m); underlying rupee revenue up 4.0%
• EBITDA of £33.39m up 7.8% (FY14: £30.97m); EBITDA margin of 33.4% up from 31.3%
• Pre-tax profits of £21.65m up 20.6% (FY14: £17.95m)
• EPS of 4.91 pence up 18.6% (FY14: 4.14 pence)
• Gearing at 59%
Operational (including post year end events)
• 750 MW construction completed; 600 MW now operational
• 180 MW Chennai IV synchronised, operational and to start commercial sales by 15th June
• 300 MW Gujarat plant commenced commercial sales in April 2015
• Gujarat: remaining 150 MW available and still expected to be in operation next quarter following completion of transmission system by Gujarat state
• Long term freight arrangement for imported coal entered into with Noble Chartering
Strategic
• Focus to secure continued profitable growth
• Proposed long term management incentive scheme that is aligned with value to shareholders
Commenting on the results, Mr M C Gupta, Chairman stated: "The team at OPG have achieved much over the last five years and have delivered compound earnings growth of over 40% per annum over the last three years. OPG is now set to achieve a new dimension as we start to generate cash flows from a significantly expanded, multi-locational asset base. I'm confident that we will set out on the dividend path following the successful and sustainable operation of this new capacity and am also excited by management's pursuit of continued profitable growth. This Company now represents scale, robustness and growth."
