The Hindu Business Line : Suzlon Energy reports 10% rise in Q4 net

Mumbai, May 20 Wind energy major Suzlon Energy Ltd posted a 10 per cent increase in net profit for the quarter ended March 2008 at Rs 482.55 crore from Rs 437.82 crore in the year ago period.

Income from operations rose by 33 per cent to Rs 2,744.40 crore from Rs 2,055.48 crore

The consolidated net profit for the quarter was Rs 456.51 crore as against Rs 358.98 crore in the corresponding quarter last year. Outside India, Suzlon has manufacturing units in the US, Belgium and China.

Suzlon said it will sell part of its stake in REpower, Germany, which it acquired in May 2007 after five months of high-profile bidding at € 1.35-billion (about Rs 7,314 crore).

Suzlon is the major shareholder in REpower, holding almost 34 per cent in the wind turbine maker, and was considering selling some of its stake as valuations were attractive, Mr Tulsi Tanti, Chairman and Managing Director of the company, said.

“It is lucrative for us right now,” he said. REpower shares had risen more than 90 per cent this year at Monday’s close.

For the full year 2007-08, the net profit has risen to 19 per cent at Rs 1,265 crore from Rs 1,061 crore last year. The income from operations rose by 28 per cent to Rs 6,926 crore from Rs 5,380 crore. last year

The board of directors of the company has declared a dividend of Re 1 per share of Rs 2 face value each for the financial year.

Mr Tulsi Tanti said that Suzlon has grown over 71 per cent compared to the industry average of 24 per cent.

The order book position of the company stands at Rs 18,308 crore with Rs 886 crore in domestic and Rs 17,422 crore in international orders, “ We are also planning to double our capacity in China to 1200 MW by 2009” Mr Tanti said.

Mr Tanti said that Chinese Government has very aggressive targets for capacity addition for wind power sector. It wants to add 10000 MW in the near future.

The company’s share closed at Rs 318. 35, up by 3.38 per cent over the previous close on the BSE..