Suzlon revenue, earnings and net profit were all down in the second quarter of the 2018 financial year, compared with the same period last year.
The Indian manufacturer reported net profit of Rs68 crores (€9m) between July and the end of September, down from Rs244 crores in the period last year.
Earnings before interest, taxes, depreciation and amortisation stood at Rs107 crores, falling from Rs559 crores in 2016, while revenue dropped to Rs557 crores from Rs1268 crores.
The company said that the Indian wind power market is transitioning to competitive bidding from a feed-in tariff system.
“This transition has a temporary impact on installation in financial year 2018, due to the slow beginning of bidding and delay in regulatory approvals,” said Suzlon group chief executive JP Chalasani.
But, he added, that the company is “confident that the industry is likely to regain momentum” in financial year 2019.
Image: Suzlon
