Mumbai: Suzlon Energy Limited (SEL), the worlds fifth leading and Indias largest
wind turbine manufacturer, reported strong results for the quarter ended December
31, 2007.
The company reported consolidated revenues of INR 3,170 crore in Q3FY08, a 66%
growth over corresponding period of the previous year. Revenues from overseas sales
stood at INR 1,700 crore, around 54% of total sales during the period. Profit after tax
stood at INR 143 crore, and EPS at INR 1.05 for the quarter. SEL's consolidated order
book stood at INR 17,107 crore (USD 4,342 ml), as on January 25, 2008.
The Group sales for CY2007 are estimated at approximately 2,725 MW, compared to 1,637 MW
in the previous year a growth of 66%.
Commenting on the results, Mr. Tulsi R. Tanti, Chairman and Managing Director of Suzlon
Energy Ltd., said: The wind industry has continued to grow at 20-25% in 2007, while at
Suzlon we have achieved much higher growth making it one of the most successful years
in Suzlons history. Worldwide concern on the issue of climate change continues to be
a key driver for growth. High growth markets such as the United States have continued
their aggressive growth. We have maintained our orderbook position over the quarter,
representing our strengthening position in global markets.
Suzlon reported a strong order book position of INR 17,107 crore (3,357 MW); with
INR 2,404 Crores (441 MW) in domestic orders, and INR 14,703 crore (2,916 MW) in
international orders, as on January 25, 2008.
We have demonstrated on-track performance in this past quarter. Our full vertical
integration acts an accelerator for our global growth. We are very well positioned to
continuing market-beating growth. said Mr. Andre Horbach, CEO Suzlon Group.
Key Developments
Suzlon continued its growth story in the quarter, achieving new heights in its business
and on the public stage.
Suzlon-subsidiary Hansen Transmission International N.V of Belgium completed its
IPO, which was listed on the London Stock Exchange at an offer price of GBP 1.75 per
share. This reflected a total post-money market capitalisation at the offer price of
approx 1.6 billion Euros at time of listing.
As result of this and our QIP, the Net Debt-Equity ratio came down to 0.39 reducing
the companys gearing ratio considerably.
The company also, subsequent to the approval of shareholders, subdivided equity
shares, changing face value of the shares from INR 10/- per-share to INR 2/- pershare.
This quarter saw Suzlon became the only wind power company in the world to achieve
Superbrand status for the year 2008-2009 for India. The Superbrand status is a
reflection of the equity of the Suzlon brand in the public arena, and is awarded through
independent study by the Superbrand organization.
Global Growth:
The global outlook for wind energy is strong and continues to gain momentum with
strong impetus in governments and in the private sector to invest in sustainable
energy projects. With initiatives like the European Commissions target for 20 percent
of Europe's energy being producing from renewable sources by 2020, wind is poised to
gain further ground.
Suzlons capex plans continue on track taking us from current 2,700 MW to 5,700
MW and first deliveries scheduled to commence in Q1FY09. With this we are
investing for the future of not just Suzlon but our future way of life where we power
the world with clean, renewable energy for sustainable tomorrow, added Mr. Tanti.
In India, Suzlon added another first entering the southern state of Kerala -
commissioning its first turbine at Agali in the Palakkad district of the state. This
marked another major step forward in Suzlons endeavor to expand the market, and
harness the power of the wind for the nations economic growth.
The company over the past year also added several of Indias leading corporations
such as ONGC, Reliance Energy, TATA Power, DLF and HPCL, and global major British
Petroleum, among others to its customer base. The growing diversification of the
customer base to include Energy and Power majors reflects the acceptance of wind
energy in the power matrix, and a major step towards driving sustainable
development.
In overseas markets, Suzlon continued to strengthen its organization across the world,
gaining momentum in key markets. The company rounded off the quarter securing
major orders in Australia, Latin America and Europe, building on its position as a
leading player in global wind energy markets. Suzlon also company completed the first
shipment of wind turbines to Nicaragua, taking the companys presence to 15
countries across five continents.
