Wind turbine manufacturer Suzlon Ltd. reported a consolidated net profit of Rs 578.99 crore in the fourth quarter ended March 31 mainly due to timely execution of orders.
The Pune-based company had posted a net loss of Rs 333.87 crore in the corresponding quarter of last fiscal.
Income from operations during the January-March period increased by 55.08 percent to Rs 4,992.59 crore from Rs 3,219.30 crore a year-ago.
“We continue to demonstrate strong operational performance on every front, including volume growth, commissioning and order intake,” Group Chief Executive Officer JP Chalasani said in a statement here.
He said the company has created 1,800 MW of blade manufacturing capacity in a single year. “All the orders that we committed at the beginning of the year have been delivered and we look forward to capitalise on the potential in the industry,” Chalasani added.
For the financial year 2016-17, the company's revenues and profit stood at Rs 12,692.53 crore and Rs 839.47 crore, respectively. It had clocked revenues of Rs 9,429.58 crore and profit of Rs 570.22 crore in FY16.
Suzlon recorded all-time high commissioning levels by installing 1,779 MW in FY17, taking its cumulative installations to over 11 GW in India and over 17 GW globally.
“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 growth in volumes and profitability, we have managed to reduce our net working capital, optimised the debt profile and continue to maintain strong liquidity position for future ramp up,” Group Chief Financial Officer Kirti Vagadia said.
The company's order book as on March 31, 2017 stood at 670 MW. “Orders worth 1,562 MW will be commissioned in FY18,” Vagadia added. In FY17, Suzlon's net debt reduced to Rs 6,198 crore from Rs 6,528 crore in fiscal 2016.
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.Tulsi Tanti, Chairman and Managing Director, Suzlon Energy
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