The Hindu Business Line : Suzlon Q3 net up 8.8 pc

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Mumbai Jan 29 Suzlon Energy Ltd has reported 8.82 per cent increase in net profit to Rs 176.23 crore for the third quarter ended December 2006, from Rs 161.94 crore in the corresponding previous period.

Total income rose 30.44 per cent to Rs 1,126.07 crore (Rs 863.24 crore).

The company has announced that it has realigned operations and commenced sale of tubular towers through one of its wholly owned subsidiaries.

This has been done as part of its long-term plans for having independent manufacturing units for various wind turbine generator components.

Accordingly, the standalone results for the quarter and nine-month period ended December do not include the sale of tubular towers aggregating approximately Rs 116.96 crore and Rs 329.47 crore respectively, which were sold through the wholly owned subsidiary. The sales realisations and gross margins for standalone results during the quarter and nine-month period to that extent are not comparable with the standalone results of prior periods.

The company has also announced that it would be investing $220 million (Rs 980 crore) through its Belgium-based subsidiary, Hansen Transmissions International NV, for a greenfield gearbox factory at Coimbatore.

The factory is slated to be operational by the end of 2008.

It will reach full production capacity, with an annual output of 1,500-2,000 gearboxes, by early 2010 and employ over 600 personnel.

The gearboxes will be supplied to Suzlon and other wind turbine manufactures in India.

On the BSE on Monday, the Suzlon stock closed at Rs 1,204.75, down 6.40 per cent from the previous close of Rs 1,287.10.

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