Suzlon posts net profit of Rs274.34 crore in third quarter
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Mumbai: Wind turbine maker Suzlon Energy Ltd on Friday reported a profit for the quarter ended 31 December, compared with a year-earlier loss.
Consolidated net profit was Rs274.34 crore compared with a net loss of Rs121.84 crore in the year-ago period.
Revenue rose about 57℅ to Rs3,311.38 crore from Rs1,884.64 crore a year earlier.Revenue in its largest wind turbine generator business rose to Rs2,837.59 crore from Rs1,436.07 crore a year earlier. Revenue in the foundry and forging business rose and in the operation and maintenance (O&M) business fell.
“Wind energy in India delivered highest installation of over 3,400 MW (megawatt) in FY16 and is expected to grow beyond that in FY17,” the company said in a statement.
Suzlon’s consolidated net term debt (excluding foreign currency convertible bonds) stood at Rs6,538 crore while its order book stood at 1,231MW, valued at Rs7,523 crore.
Suzlon said during the quarter it reached 10,000 MW of installed capacity, making it the largest renewable energy company in India.
“The domestic market is likely to grow in size, mainly due to the State Feed in Tariff (FIT) programs, Inter State Transmission System (ISTS) with non-windy states, and the demand to meet the Renewable Purchase Obligations (RPO). The competitive bidding process held recently will drive volume growth in the industry,” said J.P. Chalasani, group CEO, Suzlon.