×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Suzlon Q1 net up 97% despite forex loss

Suzlon Q1 net up 97% despite forex loss
Comment E-mail Print Share
First Published: Thu, Jul 31 2008. 10 01 AM IST
Updated: Thu, Jul 31 2008. 10 01 AM IST
By Narayanan Somasundaram / Reuters
Mumbai: Suzlon Energy Ltd, the world’s fourth-largest wind turbine maker, on Thursday said its quarterly net profit almost doubled on rising orders, despite a foreign exchange loss and sale reversals.
However its total order book fell to Rs164.9 billion ($3.9 billion) from Rs180 billion reported in May.
Suzlon, which has manufacturing units in India, China, United States and Belgium, said June quarter consolidated net profit was Rs393.8 million, compared with Rs200 million reported a year ago.
“Net profit after share in associate’s profit and minority interests fell to Rs13.5 million from Rs188.9 million,” the firm said.
Suzlon said that number reflected its share in REpower’s profit for the March quarter, as REpower numbers are included with a three-month lag.
“REpower, now a subsidiary of Suzlon, was treated as an associate in the March quarter as the Indian firm owned only 30% then,” it said.
Forex loss
The company said that its June quarter net profit was hurt by foreign exchange losses of Rs1.46 billion, as the rupee’s 6.8% fall against the dollar in the quarter affected the value of foreign debt issues.
Sales worth Rs650 million booked in the March quarter were reversed, eroding June profit by Rs110 million.
Producers of renewable energy equipment are gaining as climate change concerns prompt countries to tighten greenhouse emissions.
The Global Wind Energy Council says wind could supply 12% of the world’s electricity needs by 2020, compared with just 1% in 2007.
Suzlon competes with Denmark’s Vestas, the world’s leading wind turbine maker, Spain’s Gamesa, US company General Electric and Germany’s Enercon.
Suzlon shares fell 18.1% in the quarter, compared to a 14% drop in the benchmark index.
Comment E-mail Print Share
First Published: Thu, Jul 31 2008. 10 01 AM IST