Suzlon Energy reports profit of Rs 238 crore, revenue up by 57%
India’s leading wind energy solution company Suzlon Energy reported turnaround in its consolidated bottom-line. The consolidated net profit during Q2FY17 was at Rs 238 crore, as against a loss of Rs 202 crores in Q2 FY16. Its Q2 consolidated revenue increased to Rs 2,746 crore showing a year-on-year growth of 57%.
However, the standalone losses of Suzlon Energy tanked by 273% to Rs 362 crore during the Q2FY17 from Rs 97.38 crore during the corresponding period last fiscal. The company’s standalone revenue was slightly up by 2.5% to Rs 1,143 crore during Q2FY17 over second quarter of last fiscal.
“Recent policy impetus such as revised RPO trajectory, approval on repowering policy and 1 GW under Inter-state transmission scheme (ISTS) across various states will further bolster incremental demand for renewable energy in India. We are confident of maintaining this momentum and building on our strengths,” said J P Chalasani, Group CEO, Suzlon.
The consolidated net term debt (excluding FCCB) of the company is at Rs 6,646 crore; reduced by Rs 230 crores . The working capital debt was at Rs 3,193 crore. The company also reported sales volume of 353 MW in Q2 FY17 up by 56% y-o-y and the highest Q2 volumes in past 5 years, Suzlon said.