Suzlon announces 1483MW of orders in Q3 results

INDIA: Suzlon has issued upbeat results for the third quarter as revealing orders for 1483MW, excluding Hansen and Repower.

Suzlon: 1483MW in orders as of 20 January
Suzlon: 1483MW in orders as of 20 January

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Recently Suzlon has been under pressure as a result of its aggressive expansion strategy and has been forced to restructure its debts.

It has also been hit by the recession with revenue falling by INR13.2bn to INR55.9billion (£700m), compared to the same period 12 months earlier.

However the company has reduced its debt from INR137.62bn to INR32.74bn in 2009. It has INR81.28bn in orders and EUR1.7billion in orders for subsidiary Repower.

Recently Suzlon sold off 35.2% of its holdings in gear box manufacturer Hansen Transmissions for £224.2m.

Speaking about the results, Suzlon chairman Tulsi Tanti said: "The improving financial environment worldwide is driving a gradual recovery in the wind sector, which will continue through FY11. Governments the world over are putting in place favourable policy regimes and incentives that support medium to long-term growth in the industry.

"Additionally, we see increased opportunities in the offshore sector, where our subsidiary REpower is a technology leader. Renewable energy continues to be high on the global agenda with governments driving policies to create green jobs, energy security and provide clean electricity for sustainable growth."

See Suzlon Q3 statement for more

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