Suzlon records Q1 profit on back of Senvion sale

INDIA: Suzlon has posted a net profit of INR 10.79 billion ($168.6 million) in the first quarter of its financial year, thanks to an INR 12.89 billion ($201.4 million) exceptional gain from the sale of Senvion.

Suzlon reported net profit of $168.6 million for its first quarter
Suzlon reported net profit of $168.6 million for its first quarter

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The manufacturer's net profit was up from a loss of INR 6.61 ($103.3 million) billion in the same period last year.

Suzlon also reported revenue of INR 15.42 billion ($240.9 million) for the quarter April to June 2015 – which the firm calls its first quarter of the 2016 financial year. Revenue was down 9% year on year from INR 16.98 billion ($265.3 million).

The Indian manufacturer completed the sale of Senvion to US private equity firm Centrebridge Partners at the end of April.

Suzlon added its order intake was up from 147MW to 188MW year on year for the last three months.

In May, the firm was awarded a 98MW deal by Mytrah Energy to supply its S97-2.1MW turbines to a project in Telangana, southern India. The turbines will be installed on the firm's new hybrid tower, which combines a lattice and tubular structure.

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