Renewable energy solution provider Suzlon today reported a consolidated net profit of Rs 274.34 crore for the third quarter ended December 31.
Renewable energy solution provider Suzlon today reported a consolidated net profit of Rs 274.34 crore for the third quarter ended December 31. “The group has posted a net profit of Rs 274.34 crore for the quarter ended December 31, 2016 as compared to net loss of Rs 121.84 crore for the quarter ended December 31, 2015,” Suzlon Energy said in a BSE filing today. According to the statement, total income has increased to Rs 3,336.82 crore in the October-December quarter from Rs 1,898.09 crore in the same period last fiscal.
The company said that the new order intake was at 557 MW in third quarter of this fiscal including key orders from – Tehri Hydro Development Corp (63 MW), 50 MW from a leading business house, corporate and small and medium enterprises (SMEs).
As per the statement, its order book stands at 1,231 MW valued at Rs 7,523 crore and it has the consolidated customer advance of over Rs 1,400 crore.
Commenting on the results, Suzlon Group CEO J P Chalasani said, “Our Q3 FY17 performance further consolidates the growth we have achieved in the first two quarters with the volumes growing by 31 per cent as compared on a QoQ basis.”
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“The domestic market is likely to grow in size, mainly due to the state Feed in Tariff (FIT) programmes, Inter State Transmission System (ISTS) with non-windy states, and the demand to meet the Renewable Purchase Obligations (RPO). The competitive bidding process held recently will drive volume growth in the industry,” he said in the statement.
Suzlon Group Chief Financial Officer (GCFO) Kirti Vagadia said in the statement, “Our net term debt has reduced to Rs 6,538 crores.”