2023 has started on a very encouraging note for the wind energy sector with several important policy announcements
New Delhi: Suzlon Energy on Thursday reported a consolidated net profit of ₹78 crore for the December quarter, driven by higher revenue. In the year-ago period, the net profit stood at ₹37.73 crore. Revenue in the previous quarter was ₹1,449 crore.
“The beginning of 2023 has been highly encouraging for the wind energy sector with important policy announcements. Some of the major announcements are MNRE's order that India will invite bids for 8 GW wind projects annually from 2023 to 2030 in addition to private sector orders, initiatives in C&I (Commercial and Industrial) segment with ISTS waiver extension Discontinuing e-reverse bidding and ensuring participation of all the eight Windy States in the bidding system. Girish Tanti, Vice Chairman, Suzlon Group said, these policies will provide much needed visibility, give impetus to industrial investors and accelerate balanced and viable growth of the sector.
“Q3 has been a stable quarter for us in line with our plans. Going forward, our priority is to secure quality orders with higher value and better margins. Our services business is performing well and we remain focused on executing our order book. We commissioned the first machine of our largest wind turbine series, the S144-3.x MW at Sankaneri, Tamil Nadu in December 2022, and the initial performance reports are very encouraging," said Ashwini Kumar, CEO, Suzlon Group.
“Q3 of FY23 has seen us registering steady improvement on all our key parameters. Our balance sheet has been strengthened as a result of the significant reduction in debt post the rights issue. We continue to maintain a tight control on costs, which is being reflected in our profit margins. Our consolidated Q3 PAT of ₹78 crore is the highest quarterly PAT before exceptional items reported by the company in over five years. Suzlon Group Chief Financial Officer Himanshu Modi said, since commodity prices and supply chain issues are stable, its positive impact will be evident in the coming quarters.
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