The Hindu Business Line : Suzlon Q4 consolidated net falls 3%, income up

Mumbai May 15 Suzlon Energy's consolidated net profit for the quarter ended March 31, after minority interest of Rs 359 crore, was down 3.4 per cent compared to Rs 371.52 crore in the corresponding previous period.

The company clocked total income of Rs 2,962.27 crore for the period, compared to Rs 1,560.12 crore.

A Suzlon official said that the company was unable to book about 222 MW or Rs 234 crore of net profit from overseas projects and attributed this to the muted consolidated profits.

Segment-wise financials revealed that the wind energy business witnessed operating profit margins of 17 per cent for the year, lower than 22 per cent plus in the previous fiscal. The company stated that higher cost and delay in delivery of towers, which were outsourced for international projects, was one of the reasons for lower margins.

Appreciation of the rupee and higher start-up cost of the rotor blade facility in the US were also cited as reasons.

The company said that while the latter would be set right with increased capacity utilisation, better mix of orders in countries across Europe, China India and the US would ensure that the rupee-dollar risk is mitigated.

Suzlon also hopes to source more towers from its Indian facility, in order to reduce delay and cost of overseas projects.

However, components such as bearings and forgings may continue to pose constraints, as is the case globally, the company said.

Full-year figures

For the year ended March 31, the group posted net profit after minority interest of Rs 864 crore (Rs 759.50 crore).

Total income stood at Rs 8,082.23 crore (Rs 3,915.49 crore).

The total order book value stood at Rs 9,486 crore (1,958 MW) as on May, with Rs 1,408 crore (266 MW) of domestic orders and Rs 8,078 crore (1,692 MW) of overseas orders.

``The group supplied a total of 1,456 MW in the fiscal gone by, including 502 MW supplied to customers in overseas markets.

With annual manufacturing capacity set to reach 4,200 MW by the end of the current fiscal, Suzlon is well poised for further growth, the company said.

The company remained on track with a 1,500 MW wind turbine manufacturing facility planned in Karnataka and foundry and forging units planned in Tamil Nadu and Gujarat.

On Tuesday, Suzlon shares were down nine per cent on the BSE, closing at Rs 1,138.30.

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