The additional capacity meant a jump in reported underlying earnings [EBITDA] to US$128.1mln in 2016 from US$65.9mln, while full year profit was US$4.6mln from US$2.2mln a year earlier.
Revenue jumped to US$362mln from US$75mln, driven by 72% growth in power generation capacity.
Mytrah completed the construction of 417 megawatts (MW) of wind projects last year, which raised capacity from 583 MW at the end of 2015 to 1 gigawatt at the end of 2016, ahead of target.
The construction of more than 600 wind turbines was funded by securing US$1bn of financing during the year. The financing was also used to support the construction of solar projects in Telangana and Punjab
“In 2016 we commissioned more wind capacity than ever before, underlining both the capability of our team and the depth of our pipeline,” said chairman Ravi Kailas.
“This additional capacity helped to drive our EBITDA (underlying earnings) up 70% from last year on a directly comparable basis.
India also experienced better wind conditions in 2016, which led to a 7% increase in power production on a like-for-like basis.
Meanwhile, Mytrah said its India business is yet to receive any fresh legal proceedings against it over claims it breached the terms of an agreement with a supplier of wind turbine generators.
Looking ahead, Mytrah said it was “ideally placed” in “fast growing and rapidly developing” India, which has a population of 1.2bn people.
“India is expected to grow at over 7% per year, according to the IMF, and there is clear evidence that electricity consumption is correlated to GDP growth,” Mytrah said.
“Both wind and solar power are faster to market and cost-competitive with alternative sources of power, which in India is primarily coal.”
In the current financial year, Mytrah won a 250MW wind power project in auction through the first competitive bid in the Indian wind power sector.
Cantor Fitzgerald hasa cashflow-based valuation of 130p per share, adding the key risk to this valuation is project delays.
Finance is also a key risk but the company has made some progress on refinancing although there is more to do, said the broker.
In particular, the expensive mezzanine debt needs to be addressed but Mytrah has already made progress with other debt lines although this resulted in a one off charge in the 2016 numbers.