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They have already stated they are looking at changing to the new Indian rules regarding depreciation of property etc, so they have forewarned us the figures may not look good this year because of the costs incurred, so one would hope that this drop is the one we usually see after results are announced and it doesn't go too much lower, but it wouldn't surprise me if we had another 8% drop after the results.
I have assumed it was as a result of a leak on the results as they are due any day, but who knows. Certainly a few more trades than usual. Long term MYT should prove profitable, but with continuous building of wind farms and now solar, I do worry we will have to wait a while.
The last time it did this the rupee was doing the same, just checked and rupee is on 16 month high against the dollar and has climbed against the pound and euro. So it isn't that then....
Anyone know the reason for the drop? Are the results out?
Last year the results were announced on 3 March; so I don't expect we shall have to wait too much longer for 2016's results. There has probably been some delay due to implementing the new Indian accounting standards; although optional this year, I expect the Bod to implement them for these figures, particularly because they will reduce the reportable profit and it is better to get that out of the way now rather than in 12 months' time. I'm just praying that they will be better than expected so that the SP can recover. Break the long time downtrend and the SP should at least get back up to the mid 40s for starters.
Bonker - thanks for the chart I requested. I was interested to see what you thought. The results are imminent. The Chairman has warned the market that there may be some accounting write downs if they choose to follow new Indian accounting standards, which are currently optional, but which now follow International Financial Reporting Standards, but also that they will otherwise be up with market expectations. The adjustments do not affect the cash generated and it will be interesting to see how the markets react. There have been some decent buys in the last few weeks since it recovered from a persistent seller (or sellers) affecting the SP. I am hopeful that we may see a breakout upwards on issue of the results and perhaps more importantly what they say about the future. They have already announced continuing expansion plans not for a year ahead but all the way up to 2020/21. A good interview was given by the CEO on TipTV a few weeks ago, as a first port of call, if you want to look at MYT in more detail.
Sorted.
Link doesnt work
What's going on with the 3 tiny trades these last 3 days. Mms balancing their books, whilst quiet?
Can't be too long now before the results are issued. Hopefully, the large £15K purchase on Friday will be the first of many. With such a low free float, good results and decent forecast could break the SP downtrend, which started way back in mid August 2016. Certainly time for a reversal. Free float is about 27%, but of that some 21% is owned by institutions, leaving just 6% in pi hands according to 4-traders.com.
Information extracted from recent publication by Middle East & North African Newspapers Wind power tariffs closed at 3.46 per kWh in India`s first-ever auction for wind energy projects as the country aims to tap renewable energy to overcome its power shortages. The bid was called by government-owned Solar Energy Corporation of India for 1 GW of wind capacity. Mytrah Energy was one of four companies to win the rights to set up 250 MW of wind capacity in a location of their choice and to sell the energy generated to state-run Power Trading Corporation. Such low tariffs in wind energy come on the back of historically low solar tariffs achieved in a recent auction of a total capacity of 750 MW. The level of participation in the recent solar and wind auctions points to the coming of age of the industry, Vikram Kailas, MD & CEO of Mytrah Energy, one of the bid winners, said. The auctions have been hard fought and have led to tighter pricing than one would have foreseen even a few months earlier. This speaks to the growing confidence of the players in their ability to deliver projects on terms that are globally competitive. Ultimately, this will pave the way for the secular growth of the Indian renewable energy sector. After solar cost reduction below 3 per unit, wind power cost down to 3.46 per unit through transparent auction. A green future awaits India, Minister of New and Renewable Energy Piyush Goyal tweeted following the auction, which started on Thursday and was completed on Friday. However low tariffs could prove to be a problem for developers since the focus will now have to shift to ensuring low costs. Prima facie, the viability would depend on the plant load factors, capital costs, and getting long-term debt at competitive rates, Girish Kadam, vice president at ICRA said. The choice of location is with the bidder so that they can choose to locate the project where there is enough wind resource. My initial thoughts on this were that MYT will have to show it can keep its costs well under control to ensure profitability as wind power and solar power tariffs come under pressure. It may lead to consolidation in the industry in India.
I think SP7 is right - the final 2016 results probably won't make much difference. I am a little worried about their accounting adjustment and the reason they gave did not look right. The depreciation has always looked a bit aggressive in places but why need to adjust revenue recognition? Surely it is just billed based on metering. None of this affects cash generation which is key here but I think the AiM market still looks at the p&l even though this type of company is really valued in a DCF basis. 2017 should be their year though.
Thanks for that. Will wait in hope of drop to lows around 30p.
IMHO tricky this one. It has great potential. Someone offloaded quite a number of shares in December, which hit the SP. It rebounded from its low at the beginning of January as one might expect but has then been drifting. Whether the results will have much impact difficult to say as they have advised us that they are in line with expectations, subject to an accounting adjustment. Certainly MYT is growing all the time and with solar added to its wind power projects, it has a lot going for it. A big question IMHO is how profitable it is now and whether their forecasts will be liked by investors.
Looking to purchase this share. Seems to good to be true ,am I missing something. Huge debt but covered by income. Any drawbacks I have missed plz tell me. Also close to its year low why?
Ought to be with us in the next 2 weeks, based on last year's timetable. The spread ended very narrow today. Are we going to get some buying ahead of the results?
Mytrah Energy has signed a development pact covering 1GW of wind power and the same again of solar in the Indian state of Andhra Pradesh. London-listed Mytrah and local officials signed a memorandum of understanding (MoU) covering potential developments worth 130bn rupees ($1.93bn) at an investment summit held in the state. Mytrah wants to complete the projects within three years of securing consents, it said. The projects will be sited across eight districts "of which five will be evaluated for wind power opportunities for the very first time", said a statement. The MoU marks another big ramp-up in ambitions for Mytrah, which is already one of the most active independent power producers operating in the fast-growing Indian renewables market. The company hit the 1GW of operating wind milestone late in 2016 and is also building a significant solar portfolio. The Andhra Pradesh deal would make Mytrah the biggest IPP in the state, the company said. A unit of GE Energy Financial Services last August became an investor in a 200MW Mytrah project in Andhra Pradesh, which has a state-wide renewables target of 18GW by 2021/22. Courtesy of MediaQuest Corp.
In the RNS of 19 December, the Chairman said in early 2017. Unfortunately I do not know any more. The 2015 results were announced on 3 March 2016; so I expect them before the end of this month.
When are the results due?
Looking forward to the results - hopefully not long to go.
Hi SMT - can't see it but did note the two £39K purchases. Also I don't know whether you have seen that analysts at Cantor Fitzgerald have recommended MYT as a buy and have set a price target of 130p !
Huge after l market trade showing on Google finace
Cyclone Vardah not sure if you heard about this but it hit south India a while ago, OPG power ventures which operate in India had trading update last week and they had damaged etc lost earnings etc not sure if mytrah we affected though