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India

Suzlon suffers dip in profits despite record orders

INDIA: Debt problems, Chinese grid delays and a monsoon were all blamed by Suzlon for falling revenues and profits in the last three months of 2011, despite the turbine manufacturer recording record levels of orders.

Suzlon chairman Tulsi Tanti... profits reduced by Debt problems, Chinese grid delays and a monsoon
Suzlon chairman Tulsi Tanti... profits reduced by Debt problems, Chinese grid delays and a monsoon

Suzlon’s revenue in its third quarter was $985.4 million, while its profit was $30.1 million. This was down on the previous quarter — the three months to 30 September — when it posted revenues of $1,002.2 million and a profit of $47.3 million.
 
"It is unfortunate that in spite of having our best-ever orderbook, we have had lower volumes in Q3 FY12, leading to a downward revision of our full year guidance," said Suzlon Group chairman Tulsi Tanti.
 
"These lower volumes were primarily due to an extended monsoon in India, grid infrastructure delays in China, and a procedural delay in closing our new working capital facilities."
 
While revenues and profits were down for Suzlon, orders rose substantially. The firm secured 1.5GW of orders in the three months to 31 December 2011, compared to 1.35GW of orders in the previous two quarters combined.
 
Suzlon’s order book backlog now stands at 5,755MW.

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