Suzlon posts Rs 237 cr profit in July-September quarter

Renewable energy firm Suzlon Energy posted a consolidated net profit of Rs 237.62 crore for the second quarter of 2016-17 mainly due to higher sales.

Renewable energy firm Suzlon Energy posted a consolidated net profit of Rs 237.62 crore for the second quarter of 2016-17 mainly due to higher sales.

The company had reported a consolidated net loss of Rs 201.66 crore in the quarter ended on September 30, 2015, Suzlon Energy Ltd said in a BSE filing.

Total income from operations increased to Rs 2,752.12 crore in second quarter this fiscal from Rs 1,749.04 crore in the year ago period, it said.

The revenue from wind turbine generator segment increased to Rs 2,235.32 crore in the quarter compared to Rs 1,290.92 crore in year ago period.

Commenting on the result, Suzlon Group CEO J P Chalasani said, "We have achieved sustainable turnaround and profitable growth as evidenced in our second quarter performance..Recent policy impetus such as revised RPO trajectory, approval on repowering policy and 1 GW under Inter-state transmission scheme (ISTS) across various states will further bolster incremental demand for renewable energy in India." Suzlon Group Chief Financial Officer (CFO) Kirti Vagadia, said, "Strong volume growth, controlled costs and resultant operating leverage enabled strong financial performance in this quarter. We continue to monitor our long term debt which has helped keep our finance cost in control." The company said that its consolidated net term debt (excluding FCCB) was at Rs 6,646 crore, which was further reduced by Rs 230 crore quarter on quarter.

It said that the new order intake was of 449 MW in the first half of this fiscal including key orders in the second quarter from Oil India Ltd (52.50 MW) and 111.30 MW from corporates and small and medium enterprises (SMEs).
The company's order book stands at 1,136 MW valued at Rs 7,165 crore. It said that the wind energy in India delivered highest installation of over 3,400 MW in last fiscal and is expected to grow by more than 30 per cent in the current financial year.

 

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Source:Moneycontrol.com