OPG Power to end year as expected, CFO steps down
By Josh White
Date: Friday 21 Mar 2025
(Sharecast News) - OPG Power Ventures said in a trading update on Friday that it expects EBITDA for the year ending 31 March to be in line with market expectations, supported by continued stable operational performance and a strong deleveraging effort.
The AIM-traded company reported a plant load factor (PLF) of 69.6% for the period, broadly unchanged from 69.7% in the 2024 financial year.
It said it had reduced its gross debt from £28.6m as at 31 March 2024 to £11.1m by the end of December, following repayments totalling £17.5m.
Net cash improved to £12.6m from £3.6m over the same period.
OPG highlighted India's strong macroeconomic outlook and rising power demand, which it expected to grow at between 7% and 7.5% annually over the next decade.
It noted continued regulatory support from the Indian government, including reforms to reduce transmission losses and outstanding utility dues, as well as increased coal production to reduce import dependency.
The firm confirmed it had secured coal supply from Indonesia for the 2026 financial year, and was actively evaluating new investment opportunities in partnership with Indian state governments.
Memorandums of understanding had been signed with the governments of Madhya Pradesh and Karnataka.
Separately, the company announced that A P Singh had stepped down as chief financial officer for "personal reasons", and would continue as a non-executive director.
A search for a new finance chief was underway.
OPG also said it was continuing to cooperate with the Indian authorities in an ongoing investigation under the Foreign Exchange Management Act, first disclosed in November.
At 1001 GMT, shares in OPG Power Ventures were up 8.22% at 4.98p.
Reporting by Josh White for Sharecast.com.
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