Mytrah Energy reports strong full-year earnings thanks to good wind levels

21st Apr 2015 08:45

Indian wind power group Mytrah Energy saw its shares jump on Tuesday after posting strong full-year revenues.The company's revenues rose 36.5% to $69.55m and earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 23% to $57.17m.However, profits before tax fell 73% to $2.28m as finance costs increased from $29m to $43.5m.Mytrah increased its operating capacity from 309.9MW to 543MW in 2014 and expects to enter 2016 wind season with 740MW operating and a further 100MW in construction.The beginning of the wind season in 2014 started slowly with capacity factors in May below average, the group said. However, the second half of the year saw a pick-up in the utilisation rates.Chief executive Ravi Kailas said: "Since inception in 2010, Mytrah has grown to be one of the largest wind independent power producers in India. 2014 was a strong period of asset growth for the company with operational capacity increased significantly to 528.5MW."Shares were up 9.41% to 77p on Tuesday at 09:29.