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Wind back in Suzlon sails with ₹116-crore profit in Q2

According to reports, there seems to be some wind in Suzlon Energy’s sails as the standalone entity has posted a net profit of ₹116.47 crore during the second quarter ended September 30, compared with a loss of ₹528.38 crore in the same period last year.

Income for the Pune-based company grew 54 per cent to ₹1,160 crore from ₹754 crore.

“We have efficiently capitalised on the opportunities in India. The response to our new products S111-90m and S97-120m, the tallest turbine in the Indian market, has been very good,” Tulsi Tanti, Chairman, Suzlon Group said, in a statement.

The government’s thrust on clean energy supported by conducive policy action has stimulated demand for renewables in India, he said, adding that the company was well positioned in India to capture the opportunities in the market.

On a consolidated basis, the Suzlon Group has posted a net loss after share in minority interest of ₹181 crore against a net loss of ₹ 656 crore for the quarter ended September 30, 2014.

Total income is ₹1,796 crore against ₹5,392 crore, mainly because of it the sale of wholly owned subsidiary Senvion SE to Centerbridge Partners LP, USA.

The deal got concluded on April 29 and, therefore, consolidated financial results of Senvion SE and its subsidiaries for April 2015 have been considered for consolidation.

Accordingly, the consolidated financial results for the quarter and half year ended September 30, 2015, are to that extent not comparable with the prior period presented, Suzlon said in a filing to the BSE.

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