Suzlon Energy returns to profit in H1 FY11
Suzlon Energy Limited , the world’s fifth largest wind turbine supplier, has reported a net profit of US $ 22 mn for H1 FY11 on a total revenue of $1,877 mn. The company had incurred a loss of $256 mn in the first half of previous year.
Tulsi R. Tanti, founder, Chairman and Managing Director of Suzlon Group, said, “We are pleased to report consistently improving performance. We have made significant progress on key strategic initiatives, including the completion of the Hansen sale, realizing about US$ 187 mn, and the continuation of the ‘squeeze-out’ process with REpower.”
“Looking at our markets, we continue to see strong growth in India, Germany, France, UK, Canada and the offshore segment, reflected in our extremely strong US$ 6.5 bn orderbook – which saw US$ 1.78 bn of new orders over the past six months. As a Group, we see sustained momentum with our diversified geographic footprint, and a customer base primarily comprised of large utilities and IPPs,” he added.
Robin Banerjee is the Chief Financial Officer of Suzlon Energy Limited, said, “We are pleased to report the third consecutive profitable quarter, and a strong performance for the first half of the fiscal. Our gross profit margins improved to approximately 35 per cent, despite a very competitive market environment.Looking ahead, our focus continues to be on improving operational efficiency, managing our debt profile, and securing orders.”