Suzlon moves to profit in H1 FY 2011/12

Oct 24, 2011 - Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) swung to profit in the first half of fiscal 2011/12 as revenues rose by 52%.

Suzlon said on Saturday that it moved to a consolidated net profit of INR 1.08 billion (USD 21.6m/EUR 15.6m) in the six months to the end of September from a loss of INR 12.81 billion a year ago. The company generated revenues of INR 93.97 billion, up from INR 61.7 billion last time.

Earnings before interest and tax came in at INR 5.88 billion, compared with a INR-6.62-billion loss a year ago.

Suzlon said its gross margins increased to about 35% in spite of the competitive environment and maintained its guidance for the full year.

It won USD 1.78 billion of orders during the six months, with the order book standing at USD 6.5 billion, up about 20% year-on-year.

In the second quarter, the company made a net profit of INR 480 million versus a INR-3.69-billion deficit a year ago, its third consecutive quarter in the black, while revenues rose to INR 50.71 billion from INR 37.72 billion.

Suzlon Group founder and chairman Tulsi Tanti said the company continued to see robust growth in its domestic market, Germany, France, the UK, Canada and the offshore sector.

(INR 100 = USD 2.002/EUR 1.441)

Choose your newsletter by Renewables Now. Join for free!