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Mytrah has wind in its sails

Mytrah's shares have suffered in the Indian sell-off, but its prospects still look good
December 18, 2012

Indian wind-power developer Mytrah Energy (MYT) illustrated its rapid pace of progress in strong results, which showed a leap in revenues from $2.3m to $30.7m in the six months to September. This resulted in cash earnings of $27.9m and post-tax profits of $12.2m.

IC TIP: Buy at 67p

Mytrah ended the period with 310 megawatts of wind-power assets commissioned and a pipeline totalling 1.15 gigawatts of assets, which the company expects to see commissioned by the end of March 2015. This would make Mytrah one of the biggest independent power producers in India within five years of its creation. With India continuing to suffer power shortages, any new generation is welcome and state governments are willing to pay a premium for renewable power, which places Mytrah in a strong position.