OPG Power Ventures’ (LON:OPG) chief executive raised the prospect of a dividend as the India focused generator told investors trading in the last three had been strong.
Output from its power plants rose to 600 megawatts in the quarter ended September 30 compared with 270 megawatts in the same period last year. It is expected to hit the 750 megawatt mark by January.
It also has a diversified sales mix with 257 megawatts earmarked for industrial customers tied into three year contracts, 80 megawatts supplied to the Tamil Nadu Generation and Distribution Company for 15 years and 77 megawatts on short-term supply.
It said coal costs, the major variable expense, had remained subdued during the three months. The company currently has five plants in operation at Chennai and Gujarat.
CEO Arvind Gupta said: "The developments in sales mix add visibility to our transformational growth.
“If we can maintain our course, my colleagues and I on the board look forward to the prospect of executing further expansion plans and introducing a dividend policy in the next few months when we expect the Gujarat plant to be fully operational."