Suzlon Energy posts Q3 net profit of Rs 274 cr

Suzlon Energy posts Q3 net profit of Rs 274 cr

Renewable energy player Suzlon Energy on Friday posted a consolidated net profit of Rs 274.34 crore for the third quarter ended December 2016.

“The group has posted a net profit of Rs 274.34 crore for the quarter ended December 31, 2016, as compared to net loss of Rs 121.84 crore for the quarter ended December 31, 2015,” Suzlon Energy said in a stock exchange filing.

The company’s total income during the quarter in consideration increased to Rs 3,336.82 crore, from Rs 1,898.09 crore in the same period of the last fiscal.

New order intake in third quarter was at 557 MW including key orders from – Tehri Hydro Development Corp (63 MW), 50 MW from a leading business house, as well as from corporate and small and medium enterprises, the company said.

Suzlon’s order book stands at 1,231 MW valued at Rs 7,523 crore, and it has the consolidated customer advance of over Rs 1,400 crore, it added.

Commenting on the results, Suzlon Group Chief Executive J.P. Chalasani said: “Our Q3 FY17 performance further consolidates the growth we have achieved in the first two quarters with the volumes growing by 31 per cent as compared on a quarter-on-quarter basis.”

“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),” he said.

“Our net term debt has reduced to Rs 6,538 crore,” Suzlon Group Chief Financial Officer Kirti Vagadia said in the statement. Read More…

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