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India

India

Suzlon revenues up 71 per cent for the year

Suzlon's aggressive global expansion fuelled a 71% rise in the Indian firm's annual revenues to INR 136.8 billion ($3.19 billion) for the year to the end of March, up from INR 79.85 billion ($1.86 billion) the previous year. Its global market share grew from 7.7% in 2006 to 10.5% in 2007. Profit after tax was INR 11.68 billion ($654.6 million), up from INR 8.64 billion ($202.2 million) last year, although the cost of exceptional items, including rotor blade retrofits in the US, dented that figure by INR 1.51 billion ($35.35 million). Overseas turbine sales accounted for almost 60% of revenue. At 2311 MW, total sales were up 59% on the year before. Current export orders total 3294 MW and domestic orders 160 MW. The Suzlon turbine pipeline is worth some INR 183.08 billion. New markets added to its list include Nicaragua, Turkey, Spain, and Brazil. The string of good news is tempered by the need for a major blade retrofit, persistent rumours that Suzlon will reduce its stake in Repower (denied by the company), and the sudden departure of company CEO Andrew Horbach just days after the annual results were announced.

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