(Alliance News) - India-focused power plant operator OPG Power Ventures PLC on Tuesday said it expects financial 2020 performance to meet market expectations, as it reported a rise in average tariff prices in the first nine months of its financial year.
In the nine months to December 31, OPG's average tariff rose 6.4% year-on-year to INR5.67 per unit, about 6.1 pence, from INR5.33.
Total generation during the period slipped 2.8% however, to 2.09 billion units from 2.15 billion units. Plant load factor in its Chennai site was 77% during the nine months, from 79% the year before.
The company reported decreased demand from its automobile and steel maker customers, amid "moderated" economic growth in India.
The firm also added that its gross debt was trimmed by 22% to GBP62.5 million from GBP80.4 million at its year end on March 31, 2019.
Executive Chair Arvind Gupta said: "We are pleased to report another strong operational performance for the first nine months of financial 2020 and we expect to meet market profit expectations for our full 2020 results."
Shares in the company were 2.9% lower at 16.27 pence each in London on Tuesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Opg Power (OPG)