November 13 (Renewables Now) - Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) on Friday reported a INR-1.17-billion (USD 17.9m/EUR 15.3m) net profit, boosted by a gain, for the six months to September 30, 2017, regardless of a drop in revenues.
The company said volumes in the first half of the 2017/18 financial year were impacted by the industry's transition from feed-in tariffs (FiT) to auctions. "This transition has a temporary impact on installations in FY18, due slow beginning of bidding and delay in regulatory approvals," said chief executive J P Chalasani. The CEO expressed confidence the sector will regain momentum in the following financial year, when over 6 GW are expected, and will soon move towards a 10-GW market.
The INR-1.17-billion net profit compares to a INR-200-million net loss a year earlier. Before forex and one-off items, the result was a loss of INR 1.96 billion, significantly wider than the INR-220-million loss in the same period of the previous year.
|Results in INR million||H1 FY 2017/18||H1 FY 2016/17||Q2 FY 2017/18||Q2 FY 2016/17|
|Gross Margin (%)||43.1||45.5||46.9||46.3|
|EBITDA before forex||5,820||7,360||1,070||5,590|
|Net profit (loss) before forex, items||(1,960)||(220)||(2,880)||1,840|
The company delivered 527 MW in the six months, with solar accounting for 19% of deliveries. It has a firm backlog of 670 MW, including 130-MW solar, and framework agreements for over 1 GW.
(INR 100 = USD 1.528/EUR 1.309)