Suzlon has posted its first annual net profit in five years driven by strong turbine sales.
Net profit rose to 4.83bn rupees (€64.5m) for the 12 months to March 31, compared with a loss of 91.6bn rupees a year ago. Annual sales increased by 149% to 1131MW.
The Indian turbine manufacturer also said order intake for fiscal 2016 reached 1251MW, or three times more than in the previous year.
The company has cut costs while benefiting from rising demand in India. It expects the local wind market to continue growing supported by the country’s 40% clean energy target by 2030.
“We are back to profit, our commissioning MW increased by more than 100% and we are confident of maintaining the growth with strong focus on execution,” Suzlon chairman Tulsi Tanti said. “The Indian market is expected to increase by 30% in FY17, and Suzlon will continue to outpace the industry.”
Suzlon chief financial officer Kirti Vagadia said: “We started FY16 with a clear focus on profitability which we delivered by ramping up volumes and exercising better control over fixed cost.”
“We have significantly reduced our net working capital, optimized the debt maturity profile and maintained strong liquidity position throughout the year.”
Image: Suzlon
