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Indian slowdown hits Siemens Gamesa fiscal Q3 revenue

According to reports, Siemens Gamesa Renewable Energy SA (BME:GAM) on Wednesday announced a 7% year-on-year revenue drop for its third quarter to June 30, blaming a “temporary downturn” on the Indian market.

Revenues excluding India were up 1.6%.

The Spanish-German wind farm equipment manufacturer booked revenues of EUR 2.69 billion (USD 3.15bn) and an underlying net profit of EUR 135 million for April-June 2017. Underlying earnings before interest and tax (EBIT) stood at EUR 211 million, down 21% on the year.

The shutdown of the Indian market, pending a revision of the country’s auction system, caused a significant reduction in wind turbine sales in the period to 1.95 GW. The volume was also impacted by “normal business volatility” in the offshore segment and was 25% lower than in the year-ago period, Siemens Gamesa said. Of the total, 1.49 GW of turbines were supplied for offshore projects, while 461 MW were shipped for onshore wind parks.

At the end of June, Siemens Gamesa had almost 54 GW of wind turbines in its maintenance fleet, as compared to 47.6 GW in the third quarter of fiscal 2015/16. This led to an 8% year-on-year increase in operations and maintenance (O&M) revenues to EUR 300 million.

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