OPG Power Ventures, the developer and operator of power generation plants in India, saw revenue slip in the six months ended September 30th 2012.
Revenue fell 5.3% to £17.8m from £18.8m year-on-year excluding legacy assets no longer consolidated from November 2011.
The group pointed out that the 17% depreciation in the average Indian rupee/pound sterling exchange rate since the comparable period of the previous year masked an underlying increase in rupee revenues of 11%.
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Earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 7.6% to £4.65m while the EBITDA margin stood at 26%, 1% less than the previous year's margin.
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Cash and cash equivalents of £22.5m were reported as well as 31% of gearing following project expenditure.
Commenting on the results, Mr M C Gupta, Chairman of OPG Ppwer Ventures said: "The group's flexible business model continues to produce superior returns and OPG's roll out of new plants is on schedule.
"Once again management have been able to demonstrate the effectiveness of the business model by successfully adapting to changing circumstances in the industry such as rising input prices and changes in tariff structures.
"The growing power demand in India combined with our roll out and in particular measures now being instituted to improve the financial health of the state utilities makes us confident that OPG will continue to build superior shareholder value."
The group's share price was down 1.92% to 51p at 11:48 on Thursday morning.
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