Suzlon swings back to net profit in Q3 at Rs 274 cr

The company posted a net loss of Rs 121.84 cr in the corresponding period last fiscal

Wind energy major Suzlon Energy Ltd reported a net profit of Rs 274.34 crore for the December 2016 ended quarter against a loss reported in the same period a year back owing to better operational performance. The company reported a consolidated net profit of Rs 274.34 crore in the quarter under review against a loss of Rs 121.84 crore seen in the same period a year back.

Total income in the same period grew to Rs 3,336.82 crore from Rs 1,898.09 crores, a jump of 76%. "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 QoQ basis.

The domestic market is likely to grow in size, mainly due to the State Feed in Tariff (FIT) programs, 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," said P Chalasani, Group chief executive officer for Suzlon.

The company reported earnings before interest, taxation, depreciation and amortisation or Ebitda at Rs  745 crores for the December 2016 ended quarter higher by 124% on year on year basis. Net debt for the company, Suzlon in its statement said, has reduced to Rs. 6,538 crores and Working capital debt was at Rs. 3,167 crores.

The net debt numbers do not include foreign currency convertible bond. The company order inflow for was at 557megawatts and its total order book by value stands at Rs 7,523 crores. In its market outlook, the company said, Wind energy in India delivered highest installation of over 3,400 MW in FY16 and is expected to grow beyond that in FY17.