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Shahsi Ashiwal

Mr Tulsi R. Tanti, Chairman & Managing Director, Suzlon Energy Ltd, announcing the company’s results in Mumbai on Tuesday. —

Our Bureau

Mumbai, Oct. 23 Global wind-power major Suzlon Energy Ltd said on Tuesday that it would split its shares and list its Belgium-based group company Hansen Transmissions International NV on the London Stock Exchange.

The company made the announcement along with its second-quarter results, sending its stock on a major upswing on the BSE. It achieved an intra-day high of Rs 1,811, before settling at Rs 1741.05 at the closing of the trading. The stock gained 9.84 per cent, over the previous closing of Rs 1585.05.

Hansen is a leading gearbox manufacturer based in Belgium. The company in a statement said that there is a strong demand for Hansen products and it is seeking to fulfil the increased demand by expanding capacity in Belgium, China and India. Suzlon would be splitting its shares of face value of Rs 10 per share into shares with face value of Rs two per share.

Riding on higher volume of business from overseas clients, Suzlon for the quarter clocked an increase in net profit of 40 per cent at Rs 355.58 crore, while Rs 253.49 crore was registered in the last year quarter. Increase in net sales was 31 per cent at Rs 1,687.46 crore (Rs 1,285.45 crore).

Mr Tulsi Tanti, Chairman and Managing Director of Suzlon, said that the company has a capex plan of Rs 2,600 crore which would include scaling up of the integrated turbine manufacturing facility from 1,500 MW to 3,000 MW. By financial year 2008-09 the facility will be functional in a phased manner. A mix of internal accruals, debt and funds would be utilised for funding the expansion plan, he said.

Mr Tanti said that for the quarter the consolidated order book position stood at Rs 16,328 crore with 60 per cent of the business coming from overseas market and the rest from the India market.

For the indigenous market the installation cost per MW was Rs six crore, he said.

More Stories on : Financial Performance | Non-conventional Energy | Stocks | Suzlon Energy Ltd

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