Suzlon Energy up 4% impressive Q2 results

Suzlon Energy is trading higher by 4% at Rs 37.65 after reporting a turnaround results for the quarter ended September on back of higher sales of its wind turbines and an exceptional gain on account of sale of its stake in Belgium's Hansen Transmissions International NV.

The company has reported a consolidated net profit of Rs 48 crore for Q2FY12, compared with a loss of Rs 369 crore, a year ago. Revenue grew 34% to Rs 5,071 crore on year-on-year basis.

“Suzlon sold its remaining 26.06% stake in gearbox-manufacturer Hansen which it acquired in 2006, to ZF for $187 million. The deal concluded earlier this month," the company said in a filing to the stock exchanges. As of September 30, 2011, its order book stood at $6.5 billion (Rs 33,000 crore), executable over the next one year.

The stock opened at Rs 37.50 and hit a high of Rs 37.95 on the National Stock Exchange. A combined 2.99 million shares have changed hands on the counter till 0930 hours.