Suzlon Nets First Annual Profit Since 2009 as Wind Power Growsby
Suzlon Energy Ltd returned to full-year profit for the first time since 2009 after one of India’s largest wind turbine makers said higher sales drove earnings.
Profit after tax for the fiscal year ending March 31 rose to 4.83 billion rupees ($71.9 million) compared with a loss of 91.6 billion rupees the year before, Suzlon said today in a statement. Revenue rose 69 percent to 82.59 billion rupees as sales more than doubled to 1.13 gigawatts.
Suzlon’s 12-month order intake more than tripled to 1,251 megawatts with 790 megawatts of new orders received in the fourth quarter. The company has 15 gigawatts of wind installations globally, of which 9 gigawatts are in India.
Suzlon lost 2.71 billion rupees in the fourth quarter after prepaying a foreign currency debt, said Chief Financial Officer Kirti Vagadia. The company took a one-time charge of 2.67 billion rupees in the quarter.