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India

India

Suzlon earnings grow 64% in 2017

INDIA: Suzlon reported Ebitda of INR 22 billion ($304 million) in its full 2017 financial year results, up from INR 13.43 billion ($185 million) in 2016.

Suzlon has over 10GW of installed capacity in India
Suzlon has over 10GW of installed capacity in India

The firm installed almost 1.8GW across the year, pushing its global cumulative installed total to 17GW – almost two thirds of which (11GW) is in India.

Entering its 2018 financial year, Suzlon said it had 1.56GW of firm orders.

Revenue for 2017 grew from INR 94.3 billion to INR 126.93 billion, while gross profit totalled INR 51.5 billion - up from INR 38.26 billion a year earlier. 

"We continue to demonstrate strong operational performance on every front, including volume growth, commissioning and order intake," said Suzlon group CEO JP Chalasani.

"The performance in Q4 FY17 displayed the never-say-die spirit of Suzlon in achieving such record numbers for the first time in its illustrious history. Furthermore, we created around 1.8GW of blade manufacturing capacity in one single year. All that we committed at the beginning of the year has been delivered and we look forward to capitalise on the potential in the industry," said Chalasani. 

Kirti Vagadia, Suzlon's CFO, added: "Despite achieving phenomenal growth in volumes and profitability, we have managed to reduce our net working capital, optimised the debt profile and continue to maintain strong liquidity position for future ramp up."

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