OPG Power Ventures PLC boosts profits and earnings, in spite of coronavirus headwinds

() boosted profit before tax from continuing operations by 32% to £12.8mln in the six months ended September 30, 2020.

Diluted earnings per share increased by 48.2% to 2.92p, although power generation at the group’s Chennai plant fell, in line with a drop in demand caused by the coronavirus (COVID-19). Units produced by the plant in Chennai rang in at 0.83bn.

“I am proud to say that OPG is coming out from the COVID-19 pandemic as a stronger and more resilient company,” said chairman Arvid Gupta in the results statement.

“OPG delivered very strong cash generation during the reporting period, and OPG has continued deleveraging as part of its ongoing strategy. COVID-19 and the lockdown had a severe impact on overall industrial activities in India. However, the power demand has gradually increased during the first half of FY21 with OPG remaining profitable, cash generative and has met all its debt obligations,” he added.