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Indian renewables group Mytrah Energy (LON:MYT) reported a strong underlying performance in its latest half year as its wind power capacity increased by 50%.

Revenues rose by 52% to US$49.7mln in the period to June, with an underlying profit of US$2.49mln (US$2.42mln loss).

Wind strengths were slightly better than expected. Mytrah has also been investing heavily in new capacity and closed the period with 878Mw up and running, a number that has since risen 917Mw.

It is on track for its 1,000Mw target by next year, it added.

Losses rose to US$6.8mln (US$3mln) due to a one-off US$6mln cost for the restructuring of US$380mln of debt.

In addition to its wind operation, Mytrah also has power agreements in place for 422Mw of solar power with financial closure agreed for 237Mw of this.

Ravi Kailas, chairman said: “Looking at the second half, we expect that power generation will continue to reflect the good monsoon season across India as well as a strong asset performance. Overall, we are well placed to meet expectations for the full year."

Broker Investec added: "With a normal monsoon in 2016, FY16E EBITDA should rise significantly, with positive implications for deleveraging, valuation, and investor sentiment."
Earlier this months Mytrah Energy executive vice president Bob Smith talked to Proactive Investors about the Indian renewable power specialist’s strong underlying performance in the first half of 2016.

“We’ve had a very good wind year, but, I think the most important message in these results is really the delivery of capacity expansion.
“We set out at the start of the year to deliver about 200 megawatts this year, and we’re now sitting on well over 300 megawatts delivered.
“So in terms of our execution capability this is a real demonstration of just how much we can create and how good we’re getting at project execution.”

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