Mumbai: Suzlon Energy Ltd on Friday said it swung to profit in the fourth quarter from a year-earlier loss, helped by a record number of wind turbine installations.
Suzlon reported a consolidated net profit of Rs578.99 crore for the quarter ended 31 March, compared with a consolidated net loss of Rs333.87 crore a year earlier. Consolidated income from operations rose about 55% to Rs4,992.59 crore from Rs3,219.30 crore.
Four analysts polled by Bloomberg expected Suzlon to report a net profit of Rs278.8 crore on revenue of Rs4,814 crore.
The wind energy sector in India had its highest installations of 5,502 megwatt (MW) in FY17, a rise of 61% from the previous fiscal. This entailed about $6.2 billion (Rs40,000 crore) in investment from various wind sector manufacturing companies in India, according to Suzlon.
Revenue in wind turbine business, Suzlon’s largest, rose 44% to Rs3,988.07 crore in the fourth quarter. Operation and maintenance service business revenue rose 7.4% to Rs440.76 crore. The company’s market share in the wind turbine market stood at about 32% as on 31 March.
Expenses rose about 35.9% during the quarter to Rs4,075.96 crore.
Suzlon said it installed about 1,779 MW of capacity in FY17, taking its cumulative installations to over 11 gigawatt (GW) in India and over 17 GW globally.
The company said it also created about 1,800 MW of blade manufacturing capacity in FY17.
Suzlon said its order book as of date stands at 1,562 MW including 231 MW from solar projects.
For the full year ended 31 March, Suzlon’s consolidated net profit rose 47.2% to Rs839.47 crore while income from operations rose 34.6% to Rs 12,692.53 crore.
Suzlon’s consolidated net term debt excluding foreign currency convertible bonds stood at Rs6,198 crore as on 31 March.
Suzlon’s shares closed up 2.75% at Rs20.55 on the BSE on Friday.