NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 24 September 2014 Mytrah Energy Limited ("Mytrah Energy" or the "Company") Interim results for the six months ended 30 June 2014 Financial Highlights for the period: * Revenue of USD 29.4 million, an increase of 7.4% over the comparative period (1H 2013: USD 27.4 million) * Earnings before interest, taxes, depreciation and amortisation ("EBITDA") for the period amounted to USD 28.01 million, an increase of 11.6% over the comparative period (1H 2013: USD 25.12 million) * An EBITDA margin of approximately 95.2%1 (1H 2013: 91.6%2) * Profit before tax (PBT) of USD 5.91 million, an increase of 12.8% over the previous period (1H 2013: PBT of USD 5.21 million) * Achieved 7.4% increase in revenue, 11.3% increase in EBITDA and 12.8% increase in PBT, excluding exceptional1 items, despite depreciation in the average Indian Rupee/USD exchange rate by 10.4% from 54.9 to 60.6 from June 2013 to June 2014 * Tax expense of USD 0.54 million (1H 2013: USD 0.79 million).

The tax expense is primarily non-cash in nature and represents a net deferred tax liability on timing differences net of earlier year tax provision written back on completion of tax assessment * In Indian Rupee terms revenue increased by 18.6%, EBITDA by 23.3%, and PBT by 24.6%.

This is in line with increase in weighted average operating capacity * Adequate liquidity position comprising of USD 16.5 million cash equivalents and liquid investments and undrawn loan facilities of USD 20 million to fund the current under construction pipeline * USD 24.6 million invested in new capacity additions Current Operational Highlights: * 524.85 MW (including 8.35 MW capacity under stabilisation) of revenue generating wind assets and 23.25 MW under final stages of construction * Assets have performed well at the start of the 2014 wind season despite some press reports suggesting a late and weak monsoon due to an El Nino effect.

Plant Load Factors (PLFs) were slightly below average during May, but above average during June, July and August * Strong receivable position with no significant payment delays * Post period end, secured in principal approval of USD 142 million senior loans for projects under active development
1Excluding one-off doubtful advances and LD claims write-off of USD 2.1 million (30 June 2013: USD nil) and non-cash cost relating to employee stock options of USD 0.51 million (30 June 2013: USD 0.58 million) (note 25). 2Adjusted for one-off costs of USD 0.63 million incurred during the previous year, relating to un-eliminated indirect tax cost on eliminated intra-group transactions. Ravi Kailas, Chairman and CEO said: "From a standing start three years ago, Mytrah has grown to be one of the largest wind independent power producers ("IPPs") in India.

The first half has been a strong period of asset growth for the Company with operational capacity increased significantly to 497.35 MW at 30 June 2014 and additional capacity of 27.5 MW was added post interim period end.

This takes our total operational portfolio over the landmark of 500 MW to a total capacity of 524.85 MW (including 8.35 MW capacity under stabilisation) and has been achieved within a span of less than three years of operations.

This additional generating capacity represents a 70% increase since 30 June 2013, when the operating capacities stood at 309 MW.

These assets have been installed with one of the lowest capital costs in the industry and have performed above our initial expectations. "The beginning of the wind season this year started slowly with capacity factors in May being below average.

However since then we have seen a pick up in the utilisation rates across the portfolio, particularly during July and August, and we at this point in time we expect this years total PLF to be in line with our expectations.

As we have mentioned previously, the benefits of a large and diversified portfolio are significant and provide very visible long-term revenue that is highly predictable on a year by year basis. "The stabilised sites are performing well ahead of our initial expectations, in some cases exceeding P50 estimates, with machine and grid availability in excess of 97%.

Mytrahs new assets at Burgula in Andhra Pradesh (37.4 MW), Savalsang 1 in Karnataka (87.55 MW) and Vagarai in Tamil Nadu (90 MW) are expected to be amongst the Groups strongest performing assets and are all performing well during and after their stabilisation periods. "The interim figures reflect the slower start to the wind season this year but as we have seen an increase in the capacity factors since the period end, we would expect that the annual performance will be in line with our expectations. "In an environment of ever increasing demand for power in India, the attraction of developing, owning and operating a diversified portfolio of wind assets puts Mytrah in a strong position for profitable and sustained growth.

We believe that Mytrahs continued access to financing in India, from established relationships with major lenders in public and private sectors and our access to land facilities, enables us to take greater control over our roll-out schedule.

Our diversified range of strong partnerships with domestic and overseas wind turbine manufacturers, our ability to build assets at a competitive cost whilst managing development risk, and the quality of our management and teams, will enable the Group to continue to grow rapidly and generate significant value for our shareholders." For further information please visit www.mytrah.com or contact: Mytrah Energy Limited Ravi Kailas / Alastair Cade +44 (0)20 3402 5790 Investec Bank plc Chris Sim / Jeremy Ellis +44 (0)20 7597 5970 Mirabaud Securities LLP Peter Krens / Rory Scott +44 (0)20 7878 3360 St Brides Media & Finance Limited Elisabeth Cowell / Frank Buhagiar +44 (0)20 7236 1177 Chairman and CEOs Statement: I am pleased to announce Mytrah Energy Limiteds ("MEL" or the "Company") interim results for the six months period ended 30 June 2014. Operational and Development Review Projects in operation: Our operational portfolio comprises 524.85 MW (including 8.35 MW capacity under stabilisation) of installed capacity.

Within the portfolio the stabilised sites are performing well ahead of our initial expectations, in some cases exceeding P50 estimates, with machine and grid availability in excess of 97%.

The machine availability at Jamanwada, Gujarat and Kaladongar, Rajasthan sites has improved from 90% during last year to 97% for the current wind season.

This productivity will add a further positive impact on the overall revenue and financial performance of the portfolio. Projects in construction and development Mytrah has added 238.2 MW of new capacity, across three sites, since 30 June 2013.

Of this, 214.95 MW of assets are commissioned and started generating revenues.

The remaining 23.25 MW assets are under final stages of construction and expected to be commissioned by the end of October 2014. Burgula Wind Farm (37.4 MW) in Andhra Pradesh, Mytrahs first project under self-construction model, was commissioned during December 2013 and fully stabilised in March 2014.

Burgula is the only project to be accorded evacuation on a 132 KV substation of AP Transco.

During the interim period the assets have performed better than P75 estimates. Savalsang 1 Wind Farm (100.3 MW) in Karnataka is Mytrahs second major wind project.

As on date 87.55MW was commissioned with Gamesa 0.85 MW G-58 turbines.

The balance capacity of 12.75MW is under advance stage of construction and is expected to be commissioned by the end of October 2014.

We have demonstrated strong execution capability in self-development model by successfully building 62 KM of 33 KV OH transmission infrastructure facilities in Savalsang and laid 20,144 cubic meters of cement concrete for structural erection in Savalsang. Vagarai Wind Farm (100.5 MW) is Mytrahs first project operating under the Group captive model and is selling power directly to captive customers in Tamilnadu via attractive power purchase agreements ("PPAs") in the range of 10 to 15 years.

It uses the well-proven Vensys V87 1.5 MW gearless turbine made by ReGen, which should in an average year deliver a 28% capacity factor.

As on date we have commissioned 90 MW and the remaining 10.5 MW is expected to be commissioned by end of September 2014. Following the completion of these projects, Mytrahs total installed capacity will increase to 548.1 MW across ten projects in six states.

From a standing start three years ago, Mytrah has grown to be one of the largest wind independent power producers ("IPPs") in India.

These assets have been installed with one of the lowest capital costs in the industry and have performed above our initial expectations. The decision to spread our portfolio across ten different sites averaging 50-75 MW rather than two or three larger projects means that we benefit from a substantial portfolio effect across our asset base.

As a result, any variation in wind patterns across India and our sites year to year is spread across the portfolio, giving increased visibility on our revenue streams.

In addition, construction and operational risks for future development are significantly reduced as we have the ability to expand most of our existing sites, where infrastructure and grid connections are already in place.

We have also built up significant actual operational wind data that allows for increased confidence in our forecasting. With all this in place, I am pleased to announce further capacity of over 300 mw, out of which orders have been placed for 200 mw.

The details of these projects are as follows: Vajrakarur 2 Wind Farm (105 MW) in Andhra Pradesh is under active development and purchase orders are issued to Suzlon on a turnkey basis.

The Group is in the advance stage of discussion with the lenders to tie up the project finance.

The project is expected to be commissioned in about one year from the financial closure.

The wind resource assessment has been conducted and the PLF at P50 level has been estimated at 29.

0%. Viswa Wind Farm (50.4 MW) in Rajasthan is under active development.

The evacuation approval along with necessary infrastructure is in place.

The Group is in discussions with the lenders to finalise the terms of project finance.

The project is expected to be commissioned in about one year from the financial closure.

The wind resource assessment has been conducted and the PLF at P50 level has been estimated at 31.0%. Viraj Wind Farm (50.4 MW) in Maharashtra is under active development.

The project will be developed using S97 WTGs of Suzlon make with a capacity of 2.1MW.

The wind resource assessment has been conducted and the PLF at P50 level has been estimated at 27.6%. Anila Wind Farm (101.4 MW) in Telangana is under active development.

Terms of turbine supply are currently under progress with the suppliers.

Project expected to be commissioned in about one year from the financial closure. Business Development With a significant portion of the current portfolio having secured long term state PPAs, the Company is now working towards increasing the proportion of highly attractive open market contracts for new projects.

We are working towards optimising revenue with a mix of open market tariffs and state PPAs, which should improve returns and improve diversification. As at interim reporting date, we have a strong development pipeline of 3,100 MW across 6 states.

We are the first to get land GO (Government Order) under new land policy in Andhra Pradesh.

As always, we remain highly selective but expect to take forward only attractive opportunities.

We own a significantly large fleet of around 150 wind masts and our wind development team is actively working on the upcoming projects having cleared the micrositing of 3,580 MW across 6 states. Financial Results The Groups revenue for the six months ended 30 June 2014 was USD 29.4 million (2013: USD 27.4 million) despite a fall in the average exchange rate between the Indian rupee and US dollar from 54.9 to 60.6 from June 2013 to June 2014.

These revenues were generated from our portfolio of commissioned projects in the states of Gujarat, Rajasthan, Maharashtra, Tamilnadu, Karnataka and Andhra Pradesh. I am pleased to report that the Group has recorded a gross profit of USD 24.6 million during the period (2013: USD 23.2 million) and an EBITDA of USD 28.03 million (2013: USD 25.14 million) representing an increase of USD 1.4 million and USD 2.9 million respectively. At a consolidated level the Group recorded a net profit before tax of USD 5.93 million (2013: USD 5.23 million).

The tax expense for the period ended 30 June 2014 was USD 0.54 million (30 June 2013: USD 0.79 million).

The tax expense primarily represents the net deferred tax liability on timing differences accounted for during the period net of tax provision written back relating to earlier years based on completed tax assessment. A significant advantage of the geographical spread of our assets across different states has resulted in efficient receivable management.

As at 30 June 2014, the Groups receivables from sale of power and generation based incentive ("GBI") were USD 13.99 million representing an average 63 days receivable cycle on an annualised revenue receipt.

Below is the aging summary of the Groups receivables. Not due 0 - 60 days 61 -90 days more than 90 days Total USD 5.93 million USD 2.41 million USD 2.44 million USD 3.21 million USD 13.99 million
It can be noted that USD 5.93 million (42%) is not due representing primarily current month revenues for a monthly billing cycle, 17.3% is under 60 days, 17.5% is under 90 days and the remaining 3.21 million (23%) under 365 days.

Amounts due for more than 90 days primarily comprise of receivables of USD 3.04 million from IREDA which is paid on semi-annual basis.

This performance by our Group is notable given the general perception of delays in this sector. The cash generated by operations during the period was USD 12.6 million (2013: USD 7.7 million).

As of 30 June 2014, the Group was in a strong liquidity position having (1) USD 16.5 million (31 December 2013: USD 32.6 million) in cash equivalents and liquid investments, and (2) USD 20.0 million in undrawn long-term loan facilities.

The dollar strengthening had no cash and economic impact on the Company as all of its contracts are in Indian rupees.
Going concern The Directors have considered the net current liabilities of USD 48.5 million of the Group at 30 June 2014, the Groups cash position and forecast cash flows for 18 months period from the date of these consolidated interim financial statements.

The Directors also continue to monitor the cash flows from time to time including the short term and long term liquidity position.

At the balance sheet date, the Company has unused long-term credit facilities to offset the short-term loans taken.

The Directors have a reasonable expectation that the Group has adequate resources to continue its operational existence for a foreseeable future and thus adopt going concern basis of accounting in preparing these consolidated financial statements. Summary The first-half of 2014 has seen Mytrah consolidate its position as a leading IPP with operating capacity crossing the landmark 500MW.

I believe that our continued development has the potential to transform the Group by generating significant shareholder value and enabling greater visibility of our asset roll-out plans during the next two years.

Through our access to finance, the quality of our people and third party partnerships as well as our commitment to building high quality assets at a competitive cost, we will continue to be a utility scale IPP with a sustainable long-term development pipeline, and generate strong and predictable cash flows. Ravi Kailas Chairman and CEO
3 Excluding one-off doubtful advances and LD claims write-off of USD 2.1 million (30 June 2013: USD nil) and non-cash cost relating to employee stock options of USD 0.51 million (30 June 2013: USD 0.58 million). 4 Adjusted for one-off costs of USD 0.63 million incurred during the previous year, relating to un-eliminated indirect tax cost on eliminated intra-group transactions.
Condensed consolidated income statement for the six months ended 30 June 2014
Note Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Revenue
4
29,428,880
27,395,417
Cost of revenue
5
(4,866,468)
(4,222,690)
Gross profit
24,562,412
23,172,727
Other operating income
369,691
-
Administrative expenses
5
(4,979,326)
(3,460,093)
Operating profit
19,952,777
19,712,634
Finance income
6
589,249
209,522
Finance costs
7
(17,283,654)
(15,271,172)
Net finance cost
(16,694,405)
(15,061,650)
Profit before tax
3,258,372
4,650,984
Income tax expense
8
(544,705)
(790,667)
Profit for the period
2,713,667
3,860,317
Earnings per share
9
Basic
0.0165
0.0236
Diluted
0.0165
0.0236
Condensed consolidated statement of comprehensive income for the six months ended 30 June 2014
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Profit for the period
2,713,667
3,860,317
Other comprehensive income/( loss) a) Items that will never be reclassified to profit and loss
Actuarial gain / (loss) on employee benefit obligations
3,100
(3,161)
b) Items that may be reclassified to profit and loss
Exchange differences on translating foreign operations
3,726,814
(10,148,878)
Change in fair value of available for sale financial investments, net of tax
(58,914)
3,961
Other comprehensive income / (loss)
3,671,000
(10,148,078)
Total comprehensive income / (loss)
6,384,667
(6,287,761)
Condensed consolidated statement of financial position as at 30 June 2014
Note
30 June 2014
31 December 2013
USD
USD
Assets
Non-current assets
Intangible assets
10
431,802
469,735
Property, plant and equipment
11
514,719,676
446,828,888
Other non-current assets
12
55,640,948
41,112,196
Deferred tax assets
13
-
348,063
Total non-current assets
570,792,426
488,758,882
Current assets
Trade receivables
13,992,652
6,737,251
Other current assets
14
17,108,456
8,468,014
Current tax assets
1,794,703
1,534,405
Current investments
3,055,294
11,248,817
Cash and bank balances
15
13,507,364
21,382,346
Total current assets
49,458,469
49,370,833
Total assets
620,250,895
538,129,715
Liabilities
Current liabilities
Borrowings
16
52,983,933
36,722,085
Trade and other payables
17
43,656,822
52,356,846
Retirement benefit obligations
1,523
7,239
Current tax liabilities
1,315,259
1,412,290
Total current liabilities
97,957,537
90,498,460
Non-current liabilities
Borrowings
16
363,075,749
306,130,741
Liability component of compulsorily convertible preference shares
18
9,190,969
9,215,456
Derivative financial instruments
16 & 18
3,280,893
2,978,580
Other payables
9,809,646
9,005,639
Deferred tax liability
13
332,366
-
Retirement benefit obligations
45,148
16,002
Total non-current liabilities
385,734,771
327,346,418
Total liabilities
483,692,308
417,844,878
Net assets
136,558,587
120,284,837
Equity
Share capital
20
72,858,278
72,858,278
Capital contribution
21
16,721,643
7,357,620
Retained earnings
16,357,696
14,339,815
Other reserves
(24,911,653)
(29,666,048)
Equity attributable to owners of the Company
81,025,964
64,889,665
Non-controlling interest
18 & 22
55,532,623
55,395,172
Total equity
136,558,587
120,284,837
These financial statements were approved by the Board of Directors and authorised for use on 22 September 2014. Signed on behalf of the Board of Directors by: Ravi Shankar Kailas Russell Walls Chairman and CEO Director
Condensed consolidated statement of changes in equity for the six months ended 30 June 2014
Share capital Capital contribution Foreign currency translation reserve Equity- settled- employee- benefits reserve Fair value reserve Actuarial valuation reserve Retained earnings
Capital redemption reserve Non-controlling interests Total
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Balance as at 31 December 2012
72,858,278
-
(18,822,270)
1,842,215
20,426
5,794
7,437,436
-
55,395,172
118,737,051
Profit for the period
-
-
-
-
-
-
3,860,317
-
-
3,860,317
Other comprehensive loss for the period:
Foreign currency translation adjustments
-
-
(10,148,878)
-
-
-
-
-
-
(10,148,878)
Change in fair value of available-for-sale investments, net of tax
-
-
-
-
3,961
-
-
-
-
3,961
Equity settled share based payments
-
-
-
652,043
-
-
-
-
-
652,043
Actuary gains and losses on employee benefit obligation
-
-
-
-
-
(3,161)
3,161
-
-
-
Balance as at 30 June 2013
72,858,278
-
(28,971,148)
2,494,258
24,387
2,633
11,300,914
-
55,395,172
113,104,494
Balance as at 31 December 2013
72,858,278
7,357,620
(32,842,460)
3,083,460
93,480
(528)
14,339,815
-
55,395,172
120,284,837
Profit for the period
-
-
-
-
-
-
2,713,667
-
-
2,713,667
Other comprehensive profit for the period:
Foreign currency translation adjustments
-
-
3,726,814
-
-
-
-
-
-
3,726,814
Contributions received during the period
-
9,364,023
-
-
-
-
-
-
-
9,364,023
Buy back of CCPS from non-controlling interest
-
-
-
-
-
-
(128,538)
-
(567,248)
(695,786)
Issue of shares to non-controlling interest
-
-
-
-
-
-
-
704,699
704,699
Creation of CRR on buy back
-
-
-
-
-
(567,248)
567,248
-
-
Actuarial loss on employee benefit obligations
-
-
-
-
-
3,100
-
-
-
3,100
Change in fair value of available-for-sale investments, net of tax
-
-
-
-
(58,914)
-
-
-
-
(58,914)
Equity settled share based payments
-
-
-
516,147
-
-
-
-
-
516,147
Balance as at 30 June 2014 72,858,278
16,721,643
(29,115,646)
3,599,607
34,566
2,572
16,357,696
567,248
55,532,623
136,558,587
Condensed consolidated statement of cash flow for the six months ended 30 June 2014
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Cash flows from operating activities
Profit for the period
2,713,667
3,860,317
Adjustments:
Equity settled employee benefits
516,147
652,043
Depreciation and amortisation
4,819,443
4,493,045
Interest income
(391,903)
(135,141)
Finance costs
17,283,654
15,271,172
Gain on disposal of available for sale investments
(406,199)
(204,984)
Fair valuation of derivative financial instruments
208,853
130,603
Income tax expense
554,705
790,667
Operating cash flows before working capital changes
25,298,367
24,857,722
Movements in working capital:
Increase in trade receivables and unbilled revenue
(14,191,423)
(13,763,193)
Decrease/(Increase) in other assets
397,615
(4,305,140)
Increase in trade and other payables
1,297,665
2,006,948
Cash generated from operations
12,802,224
8,796,337
Income tax paid
(209,336)
(1,120,413)
Net cash generated from operating activities (A)
12,582,888
7,675,924
Cash flows from investing activities
Purchase of property, plant and equipment, net
(40,635,537)
(40,976,689)
Proceeds from sale / (investment in) mutual funds - net
8,789,530
(1,589,325)
Deposits placed with banks
4,299,790
4,465,819
Interest income received
266,329
86,625
Net cash used in investing activities (B)
(27,279,888)
(38,013,570)
Cash flows from financing activities
Capital contributions from shareholders
9,364,023
-
Payment towards liability component of CCPS
(567,248)
-
Buy back of CCPS
(695,786)
-
Proceeds from issue of shares to non-controlling interest
704,699
-
Proceeds from borrowings
40,805,355
50,331,973
Repayment of borrowings
(13,275,233)
(3,199,107)
Interest paid
(25,708,466)
(17,503,247)
Net cash flows from finance activities (C)
10,627,344
29,629,619
Net decrease in cash and cash equivalents (A+B+C)
(4,059,656)
(708,027)
Cash and cash equivalents at beginning of the period
8,248,924
2,185,192
Effect of exchange rate fluctuations
131,233
(365,864)
Cash and cash equivalents at end of the period
4,320,501
1,111,301
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2014 1.

General information
Mytrah Energy Limited ("MEL" or the "Company") is a non-cellular company, liability limited by shares, incorporated on 13 August 2010 under the Companies (Guernsey) Law, 2008 and is admitted to trading on AIM, a market operated by the London Stock Exchange plc.

The address of the registered office is PO Box 156, Frances House, Sir William Place, St Peter Port, Guernsey, GY1 4EU.

The Company has the following subsidiary undertakings, (together the "Group"), all of which are directly or indirectly held by the Company, for which condensed consolidated interim financial statements are being prepared, as set out below:
Subsidiary Country of incorporation or residence
Date of Incorporation Proportion of ownership interest (per cent.) Proportion of voting power (per cent.) Activity
Functional currency Bindu Vayu (Mauritius) Limited ("BVML") Mauritius 15 June 2010 100 100 Holding company USD Mytrah Energy (Singapore) Pte.

Ltd Singapore 16 August 2013 100 100 Investment company USD Cygnus Capital (Singapore) Pte.

Ltd Singapore 19 March 2014 100 100 Investment company USD Mytrah Energy Capital Pte.

Ltd Singapore 10 April 2014 100 100 Investment company USD Mytrah Energy (India) Limited ("MEIL") India 12 November 2009 99.99 99.99 Operating company INR Bindu Vayu Urja Private Limited ("BVUPL") India 5 January 2011 100 100 Operating company INR Mytrah Vayu (Pennar) Private Limited ("MVPPL") India 21 December 2011 100 100 Operating company INR Mytrah Vayu (Krishna) Private Limited ("MVKPL") India 18 June 2012 100 100 Operating company INR Mytrah Vayu (Manjira) Private Limited ("MVMPL") India 18 June 2012 100 100 Operating company INR Mytrah Vayu Urja Private Limited ("MVUPL") India 24 November 2011 100 100 Operating company INR Mytrah Vayu (Bhima) Private Limited ("MVBPL") India 22 June 2012 100 100 Operating company INR Mytrah Vayu (Indravati) Private Limited ("MVIPL") India 22 June 2012 100 100 Operating company INR Mytrah Vayu (Gujarat) Private Limited ("MVGPL") India 24 December 2011 100 100 Operating company INR Mytrah Vayu (Godavari) Private Limited ("MVGoPL") India 21 February 2014 100 100 Operating company INR Mytrah Engineering Private Limited ("MEPL") India 30 March 2012 100 100 Operating company INR Mytrah Engineering & Infrastructure Private Limited ("MEIPL") India 29 March 2012 100 100 Operating company INR Mytrah Power (India) Limited ("MPIL") India 12 September 2013 100 100 Operating company INR
The principal activity of the Group is to own and operate wind energy farms as a leading independent power producer ("IPP") and to engage in the sale of energy to the Indian market through the Companys subsidiaries.
These financial statements are presented in US dollars (USD).
2.

Adoption of new and revised standards and interpretations
The Company has adopted the following new standards and amendments, including any consequential amendments to other standards with date of initial application of 1 January 2014: Standard or interpretation Effective for reporting periods starting on or after IFRS 10 Consolidated Financial Statements Annual periods beginning on or after 1 January 2014 IFRS 11 Joint Arrangements Annual periods beginning on or after 1 January 2014 IFRS 12 Disclosure of Interests in Other Entities Annual periods beginning on or after 1 January 2014 IAS 28 IAS 28 Investments in Associates and Joint Ventures (as amended in 2011) Annual periods beginning on or after 1 January 2014 IFRIC 21 Levies Annual period beginning on or after 1 January 2014 IAS 32 Financial Instruments: Presentation- offsetting financials assets and financial liabilities (amendments to IAS 32) Annual period beginning on or after 1 January 2014 IAS 36 Impairment of Assets (Amendments to IAS 36) Annual period beginning on or after 1 January 2014
Based on the Companys current business model and accounting policies the adoption of these standards or interpretations did not have a material impact on the financial statements of the Group. Standard issued but yet effective and early adopted by the company: IFRS 9- Financial instruments In July 2014, the IASB issued the final version of IFRS 9, "Financial instruments".

With this issuance, IFRS 9 is complete in all respects.

IFRS 9 significantly differs from IAS 39, "Financial Instruments: Recognition and Measurement", and includes a logical model for classification and measurement, a single, forward-looking expected loss impairment model and a substantially-reformed approach to hedge accounting.

IFRS 9 is effective for annual periods beginning on or after January 1, 2018 with early application permitted.

The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements. IFRS 15, Revenue from Contracts with Customers. In May 2014, the IASB issued IFRS 15, "Revenue from Contracts with Customers".

The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Further, the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entitys contracts with customers.

The new revenue recognition standard is applicable for annual periods beginning on or after January 1, 2017.

The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements.
3 Significant accounting policies
Basis of preparation The condensed consolidated interim financial statements of the Group have been presented for the six months ended 30 June 2014 in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union.
The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2013, which have been prepared in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the European Union.

The condensed consolidated interim financial statements have been reviewed, not audited and were approved for issue by the Board on 22 September 2014.

The financial information contained in this report does not constitute statutory accounts as defined by sections 243-245 of the Companies (Guernsey) Law 2008.

A copy of the Groups audited statutory accounts for the year ended 31 December 2013 can be obtained from the Companys website or writing to the Company Secretary.

The independent auditors report on those accounts was unqualified and did not include a reference to any matters which the auditors drew attention by way of emphasis without qualifying the report and did not contain a statement under 263 (3) of the Companies (Guernsey) Law 2008.

The condensed consolidated interim financial statements have been prepared on the basis of accounting policies set out in the annual report for the year ended 31 December 2013. Refer note 2 for the new accounting standards/interpretations adopted with an initial application of 1 January 2014.
Going concern
The Directors have considered the financial position of the Group, its cash position and forecast cash flows for the 18 months period from the date of these condensed consolidated interim financial statements.

The Directors have, at the time of approving the condensed consolidated interim financial statements, a reasonable expectation that the Group has adequate resources to continue its operational existence for a foreseeable future.

Thus they continue to adopt the going concern basis of accounting in preparing these consolidated financial statements.

Further details are contained on page 7.
Exchange rates used for translation The USD: INR exchange rates used to translate the INR financial information into the presentation currency of USD were as follows:
Six months ended 30 June 2014 USD
Six months ended 30 June 2013 USD
Year ended 31 December 2013 USD
Closing rate
59.9410
59.5970
61.7744
Average rate
60.6168
54.8992
58.4411
The GBP: USD exchange rates used to translate the GBP financial information into the presentation currency of USD were as follows:
Six months ended 30 June 2014 USD
Six months ended 30 June 2013 USD
Year ended 31 December 2013 USD
Closing rate
1.7028
1.5208
1.6488
Average rate
1.6687
1.5444
1.5630
Use of estimates and judgments
In preparing these condensed consolidated interim financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.

Actual results may differ from these estimates.
The significant judgments made by management in applying the Groups accounting policies and the key sources of estimation uncertainty were the same as those that applied to the year ended 31 December 2013, with the exception of the new standards adopted as per note 2.
Measurement of fair value
A number of the Groups accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

The Group has an established control framework with respect to the measurement of fair values.

This includes a valuation team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the CFO.
4.

Revenue An analysis of the Groups revenue is as follows:
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Sale of electricity
26,330,774
24,156,160
Generation based incentive
2,950,176
3,200,332
Sale of renewable energy certificates
147,930
38,925
Total revenue
29,428,880
27,395,417
Generation based incentive are recognised on fulfilment of eligibility criteria prescribed under Indian Renewable Energy Development Agency Limited (IREDA) - Generation Based Incentives Scheme ("GBI").
5.

Expenses by nature Profit for the period has been arrived at after charging:
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Amortisation of intangible assets (note 10)
- included in administrative expenses
95,399
109,898
Depreciation of property, plant and equipment (note 11)
- included in cost of revenue
4,581,980
4,222,690
- included in administrative expenses
142,064
160,457
Employee costs
- included in administrative expenses1
1,172,801 1,424,718
Other administrative costs
- included in cost of revenue
284,488
-
- included in administrative expenses2
3,569,062
1,765,020
6.

Finance income
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
(Loss)/gain on derivative instruments within compulsory convertible debentures
(990)
204,557
Loss on derivative instruments within compulsory convertible preference shares
(207,863)
(335,160)
Interest income
391,903
135,141
Gain on disposal of available-for-sale investments
406,199
204,984
Total finance income
589,249
209,522
Includes non-cash ESOP cost of USD 0.56 million (30 June 2013: USD 0.65 million). 2 Includes advances written-off of USD 2.1 million (30 June 2013: nil)
7.

Finance costs
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Interest on borrowings
(25,721,120)
(17,563,911)
Other borrowing costs
(1,118,522)
(1,663,102)
Total interest expense
(26,839,642)
(19,227,013)
Less: amount included in the cost of qualifying assets1
9,555,988
3,955,841
Total finance cost recognised in the income statement
(17,283,654)
(15,271,172)
1Amounts included in the cost of qualifying assets during the period arose on borrowings sanctioned for the purpose of financing construction of a qualifying asset and it represents the actual borrowing costs incurred on those borrowings, calculated using the effective interest rate method.
8.

Income tax expense
Six months ended 30 June 2014 Six months ended 30 June 2013
USD
USD
Current tax benefit / (expense)
138,665
(456,585)
Deferred tax expense (note 13)
(683,370)
(334,082)
Income tax expense
(544,705)
(790,667)
Income tax expense recognised for the period is reconciled to profit before tax per the income statement as follows:
Six months ended 30 June 2014
Six months ended 30 June 2013
USD
USD
Profit before tax
3,258,372
4,650,984
Enacted tax rates
33.99%
32.45%
Expected tax (expense)/benefit
(1,107,520)
(1,509,244)
Effect of:
Permanent differences
562,815
718,577
MAT expense
(146,113)
(456,585)
MAT deferred tax credit
146,113
456,585
Taxation
(544,705)
(790,667)
The Company is exempt from Guernsey income tax under the Income Tax (Exempt bodies) (Guernsey) Ordinance, 1989 and is subject to an annual fee of USD 962.

As such, the Companys tax liability is zero.

However considering that the Companys operations are entirely based in India, the effective tax rate of the Group of 33.99% has been computed based on the current tax rates prevailing in India.
Indian companies are subject to corporate income tax or Minimum Alternate Tax ("MAT").

If MAT is greater than corporate income tax then MAT is levied.

The Company has recognised MAT of USD 146,113 (30 June 2013: USD 456,585) as MAT is greater than corporate income tax for the current period.
9.

Earnings per share Basic earnings per share is calculated by dividing profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. During the current period, there were no potential dilutive instruments for the computation of diluted earnings per share.
Six months ended 30 June 2014
Six months ended 30 June 2013
USD
USD
Basic and diluted
Profit for the period
2,713,667
3,860,317
Weighted average number of ordinary shares outstanding during the period
163,636,000
163,636,000
Basic and diluted earnings per share
0.0165
0.0236
10.

Intangible assets Intangible assets comprise of application software and is amortised over four years.
Six months ended 30 June 2014 Six months ended 30 June 2013
Cost:
Opening balance 750,444 800,177
Additions during the period 44,174 43,582
Exchange differences 22,954 (65,896)
Closing balance 817,572 777,863
Amortisation:
Opening balance 280,709 100,918
Charge for the period 95,399 109,898
Exchange differences 9,662 (16,973)
Closing balance 385,770 193,843
Carrying amount
As at 30 June 2014 / 30 June 2013 431,802 584,020
As at 31 December 2013 / 31 December 2012 469,735 699,259
11.

Property, plant and equipment
Furniture and fittings Office equipment Land and buildings Plant and Machinery Computers Vehicles Leasehold improvements Wind farm assets under course of construction Total
USD USD USD USD USD USD USD USD USD
Opening cost as at 1 January 2013 143,419 104,581 2,245,248 316,684,116 277,410 415,711 231,790 46,439,440 366,541,715
Additions 13,328 53,261 - - 10,105 141,507 - 161,377,849 161,596,050
Returns / disposals - - - - - (50,860) - (23,468,830) (23,519,690)
Transfer in / (out) - - 49,695 11,405,385 - - - (11,455,080) -
Exchange difference (16,450) (11,995) (257,525) (36,323,034) (31,818) (47,681) (26,586) (5,326,511) (42,041,600)
Balance as at 31 December 2013 140,297 145,847 2,037,418 291,766,467 255,697 458,677 205,204 167,566,868 462,576,475
Accumulated depreciation as at 1 January 2013 28,664 24,764 38,985 8,057,427 73,912 98,070 45,365 - 8,367,187
Adjustment for disposals - - - - - (24,357) - - (24,357)
Depreciation expense 27,202 34,792 30,896 8,549,496 65,973 107,719 33,016 - 8,849,094
Exchange difference (4,754) (4,847) (6,139) (1,392,514) (12,037) (17,060) (6,986) - (1,444,337)
Balance as at 31 December 2013 51,112 54,709 63,742 15,214,409 127,848 164,372 71,395 - 15,747,587
Net book value as at 31 December 2013 89,185 91,138 1,973,676 276,552,058 127,849 294,305 133,809 167,566,868 446,828,888
Furniture and fittings Office equipment Land and buildings Plant and Machinery Computers Vehicles Leasehold improvements Wind farm assets under course of construction Total
USD USD USD USD USD USD USD USD
USD
Opening cost as at 1 January 2014 140,297 145,847 2,037,418 291,766,467 255,697 458,677 205,204 167,566,868 462,576,475
Additions - - 15,436 - - 7,139 - 59,385,278 59,407,853 Transfer in / (out) - - - 186,797,916 - - - (186,797,916) -
Deletions - - - (141,787) - (63,768) - - (205,555)
Exchange difference 4,291 4,461 62,318 8,924,186 7,821 14,029 6,277 5,125,325 14,148,708
Balance as at 30 June 2014
144,588 150,308 2,115,172 487,346,782 263,518 416,077 211,481 45,279,555 535,927,481
Accumulated depreciation as at 1 January 2014
51,112
54,709
63,742
15,214,409
127,848
164,372
71,395
-
15,747,587
Depreciation for the period
15,748
14,608
14,771
4,860,931
29,665
45,671
12,575
-
4,993,969
Deletions
-
-
-
(48,466)
-
(30,973)
-
-
(79,439)
Exchange difference
1,741
1,838
2,116
527,880
4,245
5,542
2,326
-
545,688
Balance as at 30 June 2014
68,601
71,155
80,629
20,554,754
161,758
184,612
86,296
-
21,207,805
Net book value as at 30 June 2014
75,987
79,153
2,034,543
466,792,028
101,760
231,465
125,185
45,279,555
514,719,676
An amount of USD 9,555,988 (31 December 2013: USD 12,480,050) pertaining to interest on borrowings was capitalised as the funds were used for the construction of qualifying assets (refer note 7). Returns amounting to USD Nil (31 December 2013: USD 23,468,830) represents wind farm assets under course of construction returned back to the supplier on account of cancellation of certain projects. Depreciation amounting to USD 269,925 (31 December 2013: USD 500,174) has been capitalised as it relates to wind farm assets under course of construction.
12.

Other non-current assets
As at 30 June 2014 As at 31 December 2013
USD
USD
Deposits
29,261,985
11,341,652
Capital advances
13,654,071
20,956,631
Prepayments
12,724,892
8,813,913
Total other non-current assets
55,640,948
41,112,196
Deposits mainly comprise of security deposits placed with related parties towards usage of land and power evacuation facilities. Capital advances represent advance payments made to suppliers and related parties for the construction of wind farm assets, as part of long-term construction service contracts.

(refer note: 24) Prepayments primarily relate to amounts paid in advance towards land lease rentals and power evacuation facilities. Land has been taken on lease basis from the suppliers of wind turbine generators for period ranging upto 20 years and is renewable provided the main lease is renewed by the government authority.
13.

Deferred tax The following are the major components of deferred tax liabilities and assets recognised by the Group and movements thereon during the current period.
As at 31 December 2013 Recognised in income statement Foreign exchange As at 30 June 2014
USD
USD
USD
USD
Property, plant and equipment
(8,903,204)
(2,819,121)
(304,104)
(12,026,429)
Provisions for employee benefits 8,509 247 263 9,019
Share issue costs 241,401 58,424 8,042 307,867
MAT credit 1,181,572 146,113 37,788 1,365,473
Unrealised inter-group profits 1,871,806 23,905 57,522 1,953,233
Tax losses 5,947,979 1,907,062 203,430 8,058,471
Net deferred tax asset / (liability) 348,063 (683,370) 2,941 (332,366)
Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so.

The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
As at 30 June 2014 As at 31 December 2013
USD
USD
Deferred tax assets
11,694,063
9,251,267
Deferred tax liabilities
(12,026,429)
(8,903,204)
Deferred tax (liability)/asset, net
(332,366)
348,063
14.

Other current assets
As at 30 June 2014 As at 31 December 2013
USD
USD
Deposits
273,167
35,284
Accrued interest
393,314 258,419
Prepayments
623,562 261,888
Unbilled revenue
12,401,747 4,950,110
Other receivables
3,416,666 2,962,313
Total other current assets
17,108,456
8,468,014
Prepayments primarily relate to amounts paid in advance for lease rentals for land. Unbilled revenue represents amounts receivable from the customer on the sale of electricity and the amount recoverable from the Indian Renewable Energy Development Authority ("IREDA") as generation based incentive but not billed for as at 30 June 2014. Other receivables primarily comprises of advance given to vendors amounting to USD 1,950,961 (31 December 2013: USD 2,788,577).
15.

Cash and bank balances
As at 30 June 2014 As at 31 December 2013
USD
USD
Cash on hand
20
38
Bank balances
4,320,481
8,248,886
Cash and cash equivalents
4,320,501
8,248,924
Bank deposits
9,186,863
13,133,422
Total cash and bank balances
13,507,364
21,382,346
Bank deposits include margin money deposits of USD 9,186,863 (31 December 2013: 13,039,792) placed with banks as security margin against loans taken, letter of credits and bank guarantees issued by banks and financial institution.
16.

Borrowings
As at 30 June 2014 As at 31 December 2013
USD USD
Borrowings at amortised cost
Compulsorily convertible debentures liability (refer note (a) and (b))
42,490,634
40,981,284
Term loans from banks and financial institutions (refer note (c))
344,463,994
279,498,662
Working capital loans from banks (refer note (d))
29,105,054
22,372,880
Total borrowings
416,059,682
342,852,826
Amounts due for settlement within 12 months -USD 52,983,933 (31 December 2013: USD 36,722,085) Amounts due for settlement after 12 months - USD 363,075,749 (31 December 2013: USD 306,130,741) a) During the year ended 31 March 2012, the Companys subsidiary, Mytrah Energy (India) Limited ("MEIL" or subsidiary of the Company) issued 3,333,333 compulsory convertible debentures ("CCDs") at Rs.

300 (USD 5.71) each to PTC India Financial Services Limited ("PTC") including any of its affiliates (the "Investor") amounting to USD 18,285,211 under an agreement dated 4 August 2011 between the Group and PTC.

The purpose of this was to fund the capital projects of the Group.

The following are the significant terms in relation to the CCDs: * The CCDs carry a fixed rate of interest payable quarterly in arrears on the principal amount of the CCDs outstanding. * The CCDs, along with unpaid interest, if any, mandatorily convert into such number of equity shares of MEIL at the end of 49 months from the date of initial disbursement so as to provide the investor a stated rate of return. * The CCDs will be secured by collateral support in the form of pledge of 49% shares of Bindu Vayu Urja Private Limited ("BVUPL", a subsidiary of MEIL) held by MEIL. Further, MEIL entered into an option agreement with PTC on the same date whereby PTC can put the CCDs (the "put option") or alternatively, the Group can call the CCDs (the "call option") in exchange for cash providing PTC a stated rate of return.

The call option can be exercised any time from the date of issue whereas the put option can be exercised over a period beginning from 41 months to 47 months from the date of issue of CCDs. b) During the year ended 31 March 2011, MEIL has issued 5,000,000 compulsory convertible debentures ("CCDs") at Rs.

300 (~ USD 6) each to Infrastructure Development Finance Company ("IDFC") including any of its affiliates (the "Investor") under an agreement between the Group and IDFC.

The purpose of this is to fund the capital projects of the Group.

The following are the significant terms in relation to the CCDs:
* The CCDs carry a fixed rate of interest payable quarterly in arrears on the principal amount of the CCDs outstanding. * The CCDs, along with unpaid interest, if any, mandatorily convert into such number of equity shares of MEIL at the end of 48 months from the date of issue so as to provide the investor a stated rate of return. * The CCDs will be secured by collateral support in the form of pledge of Bindu Urja Capital Inc.

(which Ravi Kailas controls) shareholding, certain non-disposal undertakings by the Company and an irrevocable and unconditional corporate guarantee by the Company to IDFC. Further, the Company has entered into an option agreement with IDFC on the same date whereby IDFC can put the CCDs (the "put option") or alternatively, the Group can call the CCDs (the "call option") in exchange for cash providing IDFC a stated rate of return.

The call option can be exercised any time after 18 months from the date of issue whereas the put option can be exercised over a period beginning from 36 months to 48 months from the date of issue of CCDs. Consistent with IAS 32, Financial Instruments: Presentation and IAS 39 Financial Instruments: Measurement, on initial recognition, the issue proceeds have been segregated in the financial statements between the financial liability and the derivative portion.

Accordingly, the options were subsequently measured at fair value through profit and loss, and the financial liability is subsequently measured at amortised cost.

The period end balance of the options was USD (416,075) (31 December 2013: USD (404,698)) (see condensed consolidated statement of financial position) and the CCD financial liability was USD 42,490,634 (31 December 2013: USD 40,981,284). c) The Group has drawn down the term loan facility with banks and financial institutions to finance the construction of wind farm assets.

The carrying amount of the liability measured at amortised cost is USD 344,463,994 (31 December 2013: USD 279,498,662).

The repayment terms of the term loans range from 12 to 14 years.

In compliance with the terms of the loan agreement, the Group has created a charge on all project movable, immovable properties, cash flows, receivables and revenues in favor of banks and financial institutions.

Mr.

Ravi Kailas has provided unconditional and irrevocable guarantee to the extent of any shortfall in the revenue from the sale of Certified Emission Reductions (CER) under the Clean Development Mechanism in any financial year @ Rs 0.30 per unit of electricity sold for the CERs generated from the respective projects and the said guarantee will be invoked only in case of a default by the Group in meeting its loan obligations. Further, the loan drawn down by MEIL is secured by way of first charge on the pledge of shares held by Bindu Vayu (Mauritius) Limited in the equity shares representing 51% of the total paid up equity share capital of the MEIL.

The loan drawn down by BVUPL and MVPPL is secured by way of first charge on the pledge of shares held by the MEIL in the equity shares representing 51% of the total paid-up equity share capital of BVUPL and MVPPL.

The loans drawn down by MVKPL and MVMPL is secured by way of first charge on the pledge of shares held by the MEIL in the equity shares representing 51% and 70% of the total paid-up equity share capital of MVKPL and MVMPL respectively.

The loans drawn by MVMPL are also secured by CCPS held by MEIL in MVPPL. d) The working capital facilities will be paid out from the unused facilities available related to the capital expenditure incurred by the Group.

The working capital loan facilities are secured by way of first charge and hypothecation of entire immovable properties pertaining to the respective projects, both present and future, including movable plant and machinery, machinery spare, tools, accessories, entire project cash flows, receivables, book debts and revenues of the Group.

The facilities are repayable on a yearly rollover basis and carries interest in the range of 11% and 12.5 % per annum.
17.

Trade and other payables
As at 30 June 2014 As at 31 December 2013
USD
USD
Current:
Trade payables1
2,162,013
754,921
Other payables2
41,494,809
51,601,925
43,656,822
52,356,846
Non-current
Other payables3
9,809,646
9,005,639
1Trade creditors relate to amounts outstanding for trade purchases and ongoing costs. 2Other payables include payables for purchase of capital assets amounting to USD 38,015,631 (31 December 2013: USD 48,744,787) and accrued interest on borrowings amounting to USD 2,634,098 (31 December 2013: USD 2,143,437). 3An amount of USD 9,809,646 (31 December 2013:USD 9,005,639) classified as other payables under non-current liabilities represents amount payable for purchase of capital assets in five equal yearly instalments from the date of commissioning of projects in MVKPL. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. The fair value of trade and other payables approximates their carrying amounts largely due to the short-term maturities of these instruments hence management consider that the carrying amount of trade and other payables to be approximately equal to their fair value.
18.

Compulsory convertible preference shares ("CCPS") During the year ended 31 March 2012, the Group issued 11,666,566 Series A CCPS at Rs.

300 (~USD 6) each to India Infrastructure Fund ("IIF") under an Investment Agreement dated 20 June 2011 between the Group, IIF and Mr Ravi Kailas.

The following are the salient features of the CCPS:
* IIF is entitled to receive a preference dividend before any dividends are declared to the ordinary shareholders.

These carry a step-up dividend which is cumulative. * The CCPS convert into equity shares of MEIL at a fixed price of Rs.

300 (~USD 6) per share, for a fixed number of shares, at the end of six years if the call and put options are not exercised by either of the parties. * As part of the investment agreement, IIF were issued with 100 ordinary shares in MEIL. Further, the Company entered into an option agreement with IIF on the same date whereby the Company can call the CCPS (the "call option") or alternatively, IIF can put the CCPS (the "put option") in exchange for cash or a variable number of shares in the Company providing IIF a stated rate of return.

The call option can be exercised at any time after four years three months and the put option can be exercised at any time after five years three months from the date of issue. In accordance with I