Financial Daily from THE HINDU group of publications
Tuesday, May 16, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 16, 2006 |
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Financial Performance Corporate Results - Non-conventional Energy Suzlon Energy clocks 42 pc rise in Q4 net; to pay Rs 2.50 final dividend Our Bureau
Mr Tulsi R. Tanti, Chairman and Managing Director, Suzlon Energy Ltd, at a press conference in the Capital on Monday. - Kamal Narang
New Delhi , May 15 Suzlon Energy Ltd today announced a 41.94-per-cent increase in net profit at Rs 360.16 crore for the fourth quarter of the last fiscal, compared to Rs 253.74 crore during the same quarter of 2004-05. Total income rose 60.97 per cent to Rs 1,579.60 crore from Rs 981.24 crore in the corresponding previous quarter. For 2005-06, the Pune-based manufacturer of wind turbine generators has reported 108 per cent leap in net profit to Rs 760.52 crore. The company plans to raise Rs 5,000 crore to repay debt incurred for takeover of Belgian firm, Hansen Transmission, and capacity expansion of domestic manufacturing facilities. "We will raise Rs 5,000 crore from domestic and global markets. Of this, $500 million (Rs 2,250 crore) would be through foreign currency convertible bonds," said Suzlon Energy's Chairman and Managing Director, Mr Tulsi R. Tanti. He added that the company was looking at various options, including ADRs/GDRs, for raising the remaining amount. Earlier this year, Suzlon had acquired Hansen for 465 million euros. Mr Tanti said that about Rs 2,500 crore would be utilised for expanding the company's backward integration projects at its domestic facilities and for working capital requirements. The company is expecting revenue growth of about 25 per cent and 40 per cent surge in order book this year, in line with the growth of wind sector in India and abroad, he said, adding the current order book stands at Rs 3,300 crore. The company's board has recommended a final equity dividend of Rs 2.50 per share of Rs 10 each (25 per cent) and a preferential dividend of Rs 10 per share of Rs 100 each (10 per cent) on redeemable cumulative preference shares for 2005-06, excluding dividend tax. The total dividend including the interim equity dividend for 2005-06, would amount to Rs 5 on equity shares of Rs 10 each (50 per cent).
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