Mumbai:India’s biggest producer of wind-turbine generators, Suzlon Energy Ltd, gained 10% after profit beat the estimates of analysts even after the company’s board recommended a stock split on Tuesday. Net income soared 41% to Rs356 crore in the three months ended September, the company said in a statement in Mumbai.

Suzlon’s shares, to be divided five for one to increase availability, had their biggest gain in two months and ended the day at Rs1,741.05—up 9.84% on the Bombay Stock Exchange.

“This is way above estimates," said Mukul Jain, an analyst at Mumbai-based Prabhudas Lilladher Ltd, who, along with Viraj Tekchandani of ASK Raymond James Securities India Pvt. Ltd, had expected profit to drop 11% to Rs225 crore. Net income fell 54% in the previous quarter, the company said on 25 July, prompting a 13% drop in the stock by the end of that week. The biggest gain in the rupee in more than three decades last quarter was expected to have curbed profit as Suzlon gets 60% of its revenue overseas.

Krishnakant Thakur at Edelweiss Capital Ltd in Mumbai had forecast Rs285 crore. “Some of the income the company didn’t book in the previous quarter, citing in-transit wind turbines, may have been included," Prabhudas Lilladher’s Jain said.

Tulsi Tanti, 49, Suzlon’s billionaire chairman, built the Ahmedabad-based company on orders to supply turbines that generate power from wind energy in India, Portugal, China and Germany. Utilities and governments in the US, China and Europe will spend as much as $150 billion (Rs5.9 trillion) on such projects in the next five years, estimates CLSA Research Ltd. Business volumes generally are higher in the second quarter, which ended 30 September, compared with the first, Tanti said in an interview in Mumbai. The first quarter accounts for 10-15% of volume, the second and third for 20-25% and the fourth the rest, he said.

Tanti, with wealth of $5.9 billion, was ranked eighth in the richest Indians list of Forbes in November last year. Suzlon is the world’s fifth biggest maker of windmills.

Hansen Transmissions International NV, a Belgium-based unit that makes gearboxes and other components for wing turbines, which is a wholly owned Suzlon subsidiary, may offer shares to overseas investors and later seek a listing on the London Stock Exchange, Tanti added. The regulatory approvals may take as much as four weeks, he said.

Suzlon plans to “integrate" its purchases, including Germany’s Repower AG and has no plans for any new acquisitions at the moment, Tanti said. Last year, Suzlon Energy had acquired Hansen for €465 million (Rs2,623 crore) from Allianz Capital Partners and Apax Partners Worldwide.