Net revenue

Suzlon posts 122% increase in net sales in the first quarter of fiscal 2022

Pune-based renewable energy solutions provider, Suzlon Energy Limited, has announced the results of the first quarter (Q1) of the financial year 2022. According to the financial statements published by the company, the company reported revenue net of ₹11.35 billion (~$152.87 million), a 122% increase from ₹5.13 billion (~$69.09 million) in the same period last year .

The company recorded gross profit of ₹4.88 billion (~$65.73 million) from ₹3.56 billion (~$47.95 million), an increase of 37% during the year. same period last year.

The company’s net loss narrowed to ₹794.8 million (~$10.71 million) in the first quarter of FY2022 from a loss of ₹3.84 billion (~$51.72 million) in the first quarter of fiscal 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at ₹1.54 billion (~$20.74 million) in the second quarter of FY2022, an increase of 69% on at ₹910 million (~$12.26 million) in Q1 2021. EBITDA margin stood at 13.6%.

Speaking on the results, Ashwani Kumar, Chief Executive of Suzlon Group, said: “The first quarter of FY22 was impacted by the second wave of the Covid-19 pandemic, which made it difficult to acceleration of execution. The sharp rise in steel prices of nearly 73.8% in one year weighed on our margins. Despite this, we are keeping our operations on track and building on the foundations we created in FY21. We have maintained our quarter-over-quarter (QoQ) performance and continue to strictly monitor the costs. Even in difficult times, our order book stands at 978.2 MW. Overcoming the challenges of Covid-19, our operation and maintenance services business continued to deliver strong turbine performance,” added Kumar.

The company has supplied turbines to over 12.9 GW of wind installations in India, representing 33% of the country’s cumulative wind installations, making it the largest player in the industry.

In July this year, the company announced a 12.34% increase in net revenue in fiscal year 2021. The company’s net revenue was $32.95 billion. ₹ (~$443 million) in fiscal year 2021, compared to ₹29.33 billion (~$394.3 million) in the same period the previous year.

Earlier, Suzlon announced that it had won an order from CLP India to develop a 252 MW wind project. The project is in Sidhpur, Gujarat, and is expected to be commissioned in 2022. Suzlon will install 120 Wind Turbine Units (WTG) S120-140m with Hybrid Lattice Tube Tower, rated at 2.1MW each.