According to reports, AIM-listed renewable power producer Mytrah Energy swung into the black in 2012 after revenues surged, with the company looking to take advantage of the significant shortage of power supply in India.
The company, which is focused on wind power in India, on Monday reported its final results for the nine months ended December 31st 2012, as it changed its year-end from March to December to reflect the Indian wind season.
Revenue jumped to $30.9m in the nine-month period, compared with just $7.0m for the 12 months ended March 2012, due to an increase in capacity. The firm recorded a profit before tax of $13.22m, up from a loss of $4.2m previously.
Mytrah had 310 megawatts (MW) of fully operational capacity by the end of the 2012. Since the year-end, the company has acquired nearly 60MW of capacity and secured $203m of additional senior debt to finance the construction of 238.2MW of additional capacity, which is expected to bring the installed portfolio to over 600MW during 2013.
The company hailed an “exceptional” return on equity of around 20% for the nine-month period despite its 310MW portfolio not running for the entire time.
Mytrah said that there continues to be a “significant” shortfalls in power supply across the country: “Although India’s development in electricity generation has increased significantly over the past decade, the development of new power generation facilities and increases in electricity generation has not kept up with the increase in demand for electricity.”
The company said: “We believe that Mytrah’s continued access to financing in India, our access to land enabling us to take greater control over our roll-out schedule, our diversified range of strong partnerships with wind turbine manufacturers, our ability to build assets at a competitive cost whilst managing development risk, and the quality of our management and teams will enable the group to continue to grow rapidly and generate significant value for our shareholders.”