Dec. 17 (Bloomberg) — Mytrah Energy Ltd. surged the most
since September in London after India’s third-largest wind farm
developer reported its first profit.
The shares closed up 13 percent, the biggest gain since
September, at 68 pence on the Alternative Investment Market in
October 2010.
Mytrah, with investors including BlackRock Inc. and
Henderson Global Investors Ltd., reported a profit of $12.2
million for the six months ending Sept. 30 compared with a
$701,219 loss for the same period a year earlier. Revenue
increased to $30.73 million from $2.27 million.
“The main reason for the better than expected results was
the gain made on the advances paid on the delivery of
turbines,” Gus Hochschild, an analyst at Mirabaud Securities
LLP, said in an e-mailed note.
Mytrah recorded $4.27 million in other operating income
including $4.22 million “from claims made on project supplier
in relation to project execution.”
The Hyderabad-based company benefited from increased feed-
in tariffs, or premium rates for power produced, in the states
of Rajasthan and Andhra Pradesh, it said. Mytrah expects to
finance and commission a further 294 megawatts by mid-financial
year 2014 from the 310 megawatts of generating wind turbines it
has now, making it India’s largest wind energy operator,
according to the company.
As well as detailing its first profit Mytrah will pay its
maiden dividend in financial year 2014 and is considering a move
to the London Stock Exchange to widen its investor base. The
company also said a loan for 270 megawatts is close to being
finalized.
To contact the reporter on this story:
Sally Bakewell in London at
sbakewell1@bloomberg.net
To contact the editor responsible for this story:
Reed Landberg at
landberg@bloomberg.net
