Wind turbine manufacturer Suzlon Energy Ltd on Friday reported a net profit of Rs.274.34 crore in December 31, 2016 quarter as against a loss of Rs.121.84 crore in the corresponding period last fiscal.
Its total revenues for the October-December period stood at Rs.3,311.38 crore as against Rs.1,884.64 crore a year ago, registering a growth of 75.7%.
“Our Q3 FY17 performance further consolidates the growth we have achieved in the first two quarters with the volumes growing by 31% as compared on a Q-on-Q basis,” group CEO JP Chalasani said in a statement.
He said the domestic market is likely to grow in size, mainly due to the state feed in tariff (FIT) programmes, inter-state transmission system (ISTS) with non-windy states, and the demand to meet the renewable purchase obligations (RPO).
“The competitive bidding process held recently will drive volume growth in the industry. With 14 manufacturing facilities we are the only OEM with blade capacities in all key windy states,” Chalasani said.
During the quarter, the company bagged new orders of 557 megawatt (MW). Its current order book now stands at 1,231MW valued at Rs.7,523 crore.
The company has also completed 49% divestment in 210MW solar projects in Telangana, the release said.
Commenting on the company’s performance, group chief financial officer Kirti Vagadia said, “we continue to focus on delivering robust growth in volume with enhanced business efficiency. This is reflected in the improved profitability and networking capital despite increasing volumes. Our net term debt has reduced to Rs.6,538 crore.”
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