OPG Power Ventures - Update for March 2021: Full year in line

OPG shares have been soft of late, reflecting concerns over the COVID-19 situation in India, where the company’s key power plant is based in the industrial city of Chennai. Today’s update is therefore reassuring, both for the fiscal year just completed and given commentary that the current lockdown appears to be having a more limited impact than the prior one in calendar 2020. From an investment perspective, cash generation remains key as the deleveraging should continue to shift value from the debt to the equity side of the equation.