Pune, India: Suzlon Group, Indias largest renewable energy solutions provider, today announced its fourth quarter (Q4 FY18) and annual results of financial year 2017-18 (FY18).
Tulsi Tanti, Founder & CMD, Suzlon, said, With over 34 GW installations, the Indian wind sector is highly mature and is geared to unlock the 300 GW potential. With 7.5 GW already auctioned, 9.5 GW auctions announced and another 6 GW to be auctioned in H2, over 23 GW of volumes will potentially be executed between FY19-FY21. Further, wind tariffs seem to be bottoming out, which is also a positive sign for the sector. There is traction across all new and emerging segments in the sector as evidenced in several positive policy actions for offshore, wind-solar hybrid, repowering, captive, and feed-in-tariff for small projects upto 25 MW. We clearly see India as a 10-12 GW per annum market. At Suzlon, our R&D efforts will continue to focus on leveraging technology for developing products with higher energy yield, reducing Levelized Cost of Energy (LCoE) and maintaining our cost competitiveness.
J.P. Chalasani, Group CEO, Suzlon, said, FY18 performance is a testament of our resilience, competitive-edge and agility to adapt to the changing market dynamics. We delivered the highest wind installations in India and continue to remain the market leader, amidst industrys transition to the bidding regime. We also successfully commissioned our entire 340 MW solar projects. Our vertically integrated manufacturing capabilities, strong presence pan-India and across all customer segments, superior O&M capabilities and world-class technology gives us a competitive edge in the current high volume environment. This is also evidenced in the fact that we have the largest share of order win from capacities auctioned till date. In FY18, we launched three new turbines viz. S111-140, S120 and S128. This will strongly boost our product competitiveness in the current bidding regime We will remain cost competitive by leveraging India as the manufacturing hub and focusing on cost-optimisation, operational excellence, rapid execution and new product development.
Kirti Vagadia, Group Chief Financial Officer (GCFO), Suzlon, said, We have successfully navigated the volatile external environment in FY18, with our clear focus on project execution and cost-optimization across the board. During FY19, we will continue to extensively focus on cost optimization and improving the net working capital efficiency. We also remain committed to reduce our debt by 30-40% through combination of asset monetization and operational cash flows.
Suzlon Group Q4 FY18 and Annual financial performance (FY18) at a glance (consolidated):
EBIT (Pre forex)
Net Loss of Rs 384 crore in FY18; Net loss of Rs 470 crore in Q4 FY18
Order book and Order intake:
About Suzlon Group:
Suzlon Group is one of the leading renewable energy solutions provider in the world with an international presence across 18 countries in Asia, Australia, Europe, Africa and Americas. With over two decades of operational track record, the Group has a cumulative installation of over 17.5 GW of wind energy capacity, over 7,600 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 11.9 GW of the Groups installation is in India, which makes up for ~35% of the countrys wind installations, making Suzlon the largest player in this sector. The company has also forayed into the solar space. The Group, headquartered at Suzlon One Earth in Pune, India, is comprised of Suzlon Energy Limited and its subsidiaries.
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