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India’s Suzlon Energy swings to profit

Suzlon Energy Ltd. Saturday swung to a second-quarter net profit, helped by better sales of its wind turbines and an exceptional gain on account of sale of its stake in Belgium’s Hansen Transmissions International N.V. .

Net profit for the July-September period was INR480 million, compared with a loss of INR3.69 billion, a year ago. Revenue for the quarter rose 34.4% to INR50.71 billion.

Total costs grew 28.5% to INR48.92 billion, while raw material costs, a major component of the company’s total expenses, were up 10.5% to INR32.19 billion.

In July, Suzlon said its wholly owned unit, AE-Rotor Holding BV, signed an “irrevocable undertaking” to sell its 26.06% stake in Hansen to ZF Friedrichshafen for about GBP115 million. The deal concluded earlier this month.

The net impact, of reversal of provision for diminution and currency translation difference pertaining to the investment in Hansen against the expected recoverable amount, of INR2.19 billion has been taken to profit and loss account, the company said in a regulatory filing.

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