India

India

Suzlon upbeat on Q2 results

INDIA: Indian wind turbine manufacturer Suzlon, the world's fifth largest manufacturer, has posted its third consecutive profitable quarter, helped by strong growth in its home market.

It posted revenues of $1,877 million for the quarter ending 20 September 2011, up more than 50% on $1,232 for the same quarter last year. Gross profit margins improved 35% despite a very competitive market environment.

The company recorded a $6.5 billion order book and has started reducing its considerable debt. The sale of Suzlon's remaining stake in gearbox manufacturer Hansen to ZF, which was completed for $187 million on 12 October, is part of this process.

Tulsi Tanti, chairman and MD, said: "Looking at our markets we are pleased to see growth in India, Germany, France, the UK, Canada and the offshore segment. As a group we see sustained momentum with our diversified geographic footprint, and a customer base primarily comprised of large utilities and IPPs".

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