Indian wind farm developer Mytrah Energy achieved a $12.23m profit after tax in the first half of its 2013 financial year to September 2012, compared to a $700,000 loss in the equivalent period of the 2012 financial year.
Operating income rose significantly to $30.73m, from $2.27m in the first six months of the preceding year.
The company now has more than 310MW of turbines in operation, with expectations this will grow to more than 1.15GW over the next two years.
Increases in the feed-in tariff (FIT) for wind in Rajasthan and Andhra Pradesh should help push profits up further for the company.
Ravi Kailas, chairman and CEO of Mytrah, said, 'I am delighted to report that in a short space of time, Mytrah has become profitable. This is a significant milestone that not only enables us to finance the roll-out of our growth strategy going forward, but also serves to validate our business model that is focused on the commissioning of high quality, profit generating wind assets.
'At the same time, we are highly encouraged by the continued excellent performance of our operational assets which, despite the headwind of a strengthening US dollar, has led to our interim results being at the top end of the guidance we gave as recently as 28 September.'