Suzlon Energy net nearly doubles

Written by Reuters | Mumbai, July 31: | Updated: Jul 31 2008, 14:54pm hrs
Suzlon Energy Ltd, the world's No.4 wind turbine maker, said on Thursday its consolidated quarterly net profit rose almost doubled, boosted by rising orders, despite a foreign exchange loss.

Suzlon said consolidated net profit in the April-June quarter rose to 393.8 billion rupees ($9 million), compared to 200 million rupees reported a year ago.

The company said its June quarter net profit was hurt by a 1.5 billion rupee forex loss.

Producers of renewable energy equipment such as Suzlon are riding a boom as high oil prices and climate change concerns prompt countries to crackdown on greenhouse emissions.

It said it had total orders worth 164.9 billion rupees.

Suzlon shares fell 18.1 per cent in the quarter, compared to a 14 per cent drop in the benchmark index.