Suzlon swings back to profit; Q4 net at Rs 579 crore

Pune-based company had posted a net loss of Rs 333 crore in the corresponding quarter of last fiscal

Wind turbine manufacturer Suzlon on Friday reported a consolidated net profit of Rs 578.99 crore in the fourth quarter ended March 31 mainly due to timely execution of orders.

The Pune-based company had posted a net loss of Rs 333.87 crore in the corresponding quarter of last fiscal.

Income from operations during the January-March period increased by 55.08 per cent to Rs 4992.59 crore from Rs 3219.30 crore a year-ago.

"We continue to demonstrate strong operational performance on every front, including volume growth, commissioning and order intake," Group CEO J P Chalasani said in a statement here.

He said the company has created 1,800 MW of blade manufacturing capacity in a single year.

"All the orders that we committed at the beginning of the year has been delivered and we look forward to capitalise on the potential in the industry," Chalasani added.

For the full year (FY17), the company's revenues and profit stood at Rs 12692.53 crore and Rs 839.47 crore, respectively. It had clocked revenues of Rs 9429.58 crore and profit of Rs 570.22 in FY16.

Suzlon recorded an all-time high commissioning by installing 1,779 MW in FY17, taking its cumulative installations to over 11 GW in India and over 17 GW globally.

"We started FY17 with a clear focus on profitability which we delivered by ramping up volumes and exercising better control over fixed costs.

"Despite achieving growth in volumes and profitability, we have managed to reduce our net working capital, optimised the debt profile and continue to maintain strong liquidity position for future ramp up," Group CFO Kirti Vagadia said.

The company's order book as on March 31, 2017 stood at 670 MW.

"The order intake during Q1 FY18 so far is 411 MW and an additional order of 250 MW from our customer in the SECI bidding. These orders have been received from IPP customers and retail for S111 90m and S111 120m. Further, we are carrying an order book of 231 MW in solar, taking our total order book to 1,562 MW. These orders will be commissioned in FY18," he added.

In FY17, Suzlon's net debt reduced to Rs 6,198 crore from Rs 6,528 crore in fiscal 2016.

Commenting on the results, Suzlon Chairman and Managing Director Tulsi Tanti said, "We delivered yet another profitable year. Our focus has been on restoring the confidence of every stakeholder. We continue to work towards scaling greater heights.