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Mytrah Energy Surges After Reporting Maiden Profit: London Mover

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.

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