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| Suzlon Q4 net drops by a third, though sales are well up |
| BS Reporter / Mumbai Jun 29, 2009, 00:48 IST |
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Suzlon Energy, among the top five wind turbine manufacturers in the world, posted a net profit of Rs 314.9 crore for the fourth quarter ended March 31 on a consolidated basis, 32 per cent lower than the Rs 464.8 crore in the corresponding quarter of the previous year. The losses are mainly on account of foreign exchange loss of over Rs 300 crore, a blade retrofit programme costing Rs 103 crore and mark-to-market losses on foreign exchange transactions worth Rs139 crore.
However, net sales for the quarter increased 86.4 per cent to Rs 9,207.9 crore, compared with Rs 4939.1 crore in the corresponding quarter in 2007-08.
On an annual basis for the quarter, consolidated net profit fell by 77 per cent to Rs 236 crore, from Rs 1,030 crore in the previous period. Revenues increased by 91 per cent to Rs 26,082 crore for 2008-09, compared with Rs 13,679 crore the year before.
“We expect a flat growth this year and will better the profitability. While Suzlon subsidiaries REpower and Hansen Transmission have given a guidance (target) of 20-30 per cent, we expect growth to be lower than that,” Sumant Sinha, CEO, said.
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