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India's Suzlon reports record growth over past year
1 June 2006
India's Suzlon Energy, today the fifth largest wind turbine supplier by sales, reports record growth for the past fiscal year, ending March 31. Sales are up 98% on the previous year at INR 38.41 billion ($845 million) compared with INR 19.42 billion ($427.3 million) a year earlier. At INR 7.6 billion ($167.3 million), profit after tax grew by 108% from INR 3.65 billion ($80.3 million) in the year ended March 2005, reports the company. Suzlon supplied some 970 MW of wind turbines in the last financial year, all but 88 MW of that went to customers in India where it sits on 53% of the market. Exports represent the bulk of Suz-lon's future sales. While it reports orders received from Indian customers for INR 7.2 billion, export orders amount to INR 25.83 billion destined for projects in the United States, other Asian countries and Australia. At the beginning of April the company's order backlog was INR 33.03 billion ($726.74 million). "We have climbed to new highs," says Suzlon's Tulsi R. Tanti. "The company's performance over the past year is an unambiguous testament to the soundness of our business model and clearly validates our strategic direction." That direction is towards vertical integration and local manufacture. The company intends to develop, build, own and operate its own projects and produce turbines of all sizes and their components to ensure a secure supply chain. Its recent acquisition of Belgian gearbox manufacturer Hansen Transmissions International is part of that goal.
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