Suzlon Q3 revenue up 76%

INDIA: Indian manufacturer Suzlon has posted revenue of INR 33 billion ($493 million) in its third quarter financial report, up 76% compared with the same period in the previous year.

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

In Q3, the manufacturer posted INR 7.45 billion ($111 million) in earnings before interest, tax, depreciation and amortisation (Ebitda) — an increase of 124% compared with 2015, the company said.

"Our Q3... performance further consolidates the growth we have achieved in the first two quarters," said chief executive JP Chalasani.

The firm won 557MW of new orders in the quarter, taking its order book to 1,231MW — equal to INR 75.23 billion ($1.1 billion).

Chalasani expects the firm's growth to continue in to 2017: "The domestic market is likely to grow in size, mainly due to the state feed-in tariff programmes, inter-state transmission system with non-windy states, and the demand to meet the renewable purchase obligations. The competitive bidding process held recently will drive volume growth in the industry."

Suzlon surpassed 10GW of installed capacity in India in the quarter and has opened two new blade manufacturing facilities in Rajasthan and Andhra Pradesh. 

In the first nine-months of its financial year, Suzlon said revenues totalled INR 77 billion ($1.15 billion) — up 24% year-on-year.

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