Winds blowing Suzlon’s way despite $87 mln 2011 loss
India-based wind turbine manufacturer Suzlon has recorded a Rs479 crore (USD87m) net loss for the 2011 financial year although reporting a yearly revenue growth of 18 percent to Rs21,000 crore.
Suzlon, India’s largest wind company, currently has orders worth Rs41,500 crore on the books, representing turbines with a combined capacity of 5.7-GW. It now anticipates revenues in a range of Rs27,000 crore and Rs28,000 crore for the 2013 financial year.
Tulsi Tanti, chairman of Suzlon, said in a statement, “Our stated plan was to return the business to a position of strength during FY12, and I am pleased to report that we achieved our guidance. Despite an extremely challenging business environment, we as a group continue to be extremely well positioned in the market place.”
Kirti Vagadia, CFO of Suzlon, added, ‘We have delivered a strong improvement in our group performance with a gross profit margin of 33.3 per cent, and an operating profit margin of 5.5 percent against 2.2 percent a year ago. We achieved a cash profit of Rs418 crore for the full year.
The net loss for the period stood at Rs479 crore primarily due to high interest rates, notional forex impact and non-cash tax items, said Vagadia.