OPG Power Ventures - Positive FY21 results
OPG Power Ventures reported a strong year in profit and cash generation despite COVID shutdowns and lower power consumption in India. A significant increase in the coal price is providing a headwind. The strong financial position and captive model provide confidence, while the historical valuation (last three-year average P/E of 3.7x and EV/EBITDA of 1.9x) is compelling.OPG Power Ventures along with its subsidiaries are engaged in the development, owning, operation and maintenance of private sector power projects in India. The electricity generated from Co.'s plants is sold principally to public sector undertakings and heavy industrial companies in India or in the short-term market. Co.'s plant are located in Chennai and Gujarat.
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