Press Releases

For Immediate Release May 19, 2017

Suzlon demonstrates sustainable turnaround; posts net profit of Rs.839 crores in FY17


  • FY17 volumes of 1,779 MW, grew by 98% as against industry growth of 48% 
  • EBITDA margin of 17% at Rs. 2,203 crores; registering a growth of 64% for the full year
  • Looking at strong growth in FY18 with 1,562 MW firm orders
  • Net Debt reduced by Rs. 341 crores in FY17 despite growing volumes
Pune, India: Suzlon Group, India’s largest renewable energy solutions provider, announced its audited quarterly (Q4 FY17) and annual (FY17) results.

Suzlon recorded an all-time high commissioning, by installing 1,779 MW in FY17 taking its cumulative installations to over 11 GW in India and over 17 GW globally

Tulsi Tanti, Chairman and Managing Director, said,It gives me immense pleasure to announce that Suzlon delivered yet another profitable year. Our focus has been on restoring the confidence of every stakeholder and today, the performance speaks for itself. We continue to work towards scaling greater heights.

I congratulate and thank our management team, employees, customers, bankers, vendors, suppliers and shareholders who continued to support us throughout our journey.”

J P Chalasani, Group CEO, said, “We continue to demonstrate strong operational performance on every front including volume growth, commissioning and order intake. The performance in Q4 FY17 displayed the never-say-die spirit of Suzlon in achieving such record numbers for the first time in its illustrious history. Furthermore, we created ~1,800 MW of blade manufacturing capacity in one single year. All that we committed at the beginning of the year has been delivered and we look forward to capitalize on the potential in the industry.”

Kirti Vagadia, Group CFO, said, “We started FY17 with a clear focus on profitability which we delivered by ramping up volumes and exercising better control over fixed costs. Despite achieving phenomenal growth in volumes and profitability, we have managed to reduce our net working capital, optimized the debt profile and continue to maintain strong liquidity position for future ramp up. ”

Our order book as on 31st March, 2017 stood at 670 MW. The order intake during Q1 FY 18 so far is 411 MW and an additional order of 250 MW from our customer in the SECI bidding. These orders have been received from IPP customers and retail for S111 90m and S111 120m. Further we are carrying an order book of 231 MW in solar, taking our total order book to 1562 MW. These orders will be commissioned in FY18.

Suzlon Group Q4 FY17 / Annual financial performance at a glance:

Revenue
  • FY17 Rs. 12,693 crores against Rs. 9,430 crores in FY16; 35% growth Y-o-Y
  • Q4 FY17 Rs. 4,993 crores against Rs. 3,219 crores in Q4 FY16
Operating Performance (EBITDA*) 
  • FY17 EBITDA of Rs. 2,203 crores, EBITDA margin of 17%
  • Q4 FY17 EBITDA at Rs. 722 crores, EBITDA margin at 15%
Consolidated Net Term Debt (excluding FCCB)
  •  FY17 at Rs. 6,198 crores down from Rs. 6,528 crores in FY16
Order Book and Order Intake
  • Order book as on date stands at 1,562 MW including 231 MW from Solar
  • Consolidated customer advance stands at Rs. 793 crores which reflects the good quality of order backlog.
Key highlights:

1. New product
  • The S111-120m wind turbine generator achieved ~42% Plant Load Factor (PLF) in its first 12 months of operation, reflecting a 20% higher energy yield compared to S97-120m
2. Debt optimisation
  •  Foreign Currency Convertible Bonds (FCCBs) worth US$ 30 million were repaid along with the applicable redemption premium
  •  SBLC backed debt repaid US$ 21 million
  •  FCCBs worth US$ 326 million have been converted till date, since the date of issuance.
3. Net Working Capital
  •  Reduced overall net working capital to 14% of revenues from 23% in Q3 despite 20% higher volumes
4. Manufacturing
  • Three new blade factories commenced operations in Badnawar (MP), Jaisalmer (Raj) and Anantpur (AP) in FY17
5. Milestone
  • Suzlon achieved over 11,000 Megawatt (MW) cumulative wind energy installations in India
6. Credit Rating
  •  Rating agency CARE has upgraded Suzlon’s investment grade credit rating to BBB from BBB-
  •  Rating agency CARE has upgraded SE Forge’s investment grade credit rating to BBB from BBB-
  •  Suzlon Global Services Limited (formerly known as Suzlon Structures Limited) (“SGSL”) has received A- (Provisional) credit rating with stable outlook from CARE
7. Awards & Recognition:
  •  Golden Peacock Awards 2016 in the Eco innovation category for S97 120m
  •  Thomson Reuters India Innovation Awards 2016
  •  Renewable Energy India (REI) Awards 2016 - Tulsi Tanti for Industry Man of Year award
  •  Switch Awards 2016 Lifetime Achievement Award to Tulsi Tanti
  1.  Lifetime Achievement Award to Tulsi Tanti
  2.  1st Runner Award for Best Stall in large category
  •  IWEF Awards 2016
  1.  Wind Turbine Tower Technology Company of the Year
  2.  Runner Up Award for Wind Turbine Manufacturer of the Year
  •  SE Forge received the ‘Excellence Award for Partner in Growth’ from its esteemed customer, General Electric (GE)
  •  Suzlon Wind Energy Corporation (SWECO), received AWEA Health and Safety Achievement Award in USA
9. Market Outlook
  • Wind Energy in India delivered its highest installation of 5,502 MW in FY17 registering 61% growth over 3,415 MW in FY16
  •  INR 40,000 crores (USD 6.2 billion) of total investment made in wind manufacturing in India
  •  In FY17, India added 15.3 GW in the renewable energy while conventional power rose just 7.6 GW
  •  India’s commitment at COP21 to achieve 40% energy through non-fossil sources by 2030 will continue to fuel demand for clean energy
  •  Strong intent of the Government and supportive policy actions to enhance the role of renewables in India’s energy security
  •  In the next six years, wind energy is expected to grow at 6 GW per annum to achieve the targets
Note to the editor:
  •  EBITDA is pre Forex gain/loss
About Suzlon Group:

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries in Asia, Australia, Europe, Africa and North and South America. With over two decades of operational track record, the Group has a cumulative installation of approximately 17 GW of wind energy capacity, over 8,900 employees with diverse nationalities and world-class manufacturing facilities. Suzlon is the only Indian wind energy company with a large in-house Research and Development (R&D) set-up in Germany, the Netherlands, Denmark and India. Over 11 GW of the Group’s installation is in India, which makes up for ~35% of the country’s wind installations, making Suzlon the largest player in this sector. The Group, headquartered at Suzlon One Earth in Pune, India, is comprised of Suzlon Energy Limited and its subsidiaries.

Suzlon corporate website: www.suzlon.com















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