Pune-based renewable energy solutions provider Suzlon Energy Limited reported net sales of 13.47 billion yen (around $ 180.80 million) for the second quarter (Q2) of the year. fiscal year 2022, an increase of 18% from 11.35 billion yen (~ $ 152.87 million) in the first quarter.
The company reported a net loss of 540 million yen (~ $ 7.25 million) in the second quarter, compared to 790 million yen (~ $ 10.61 million) in the first quarter.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) were 2.32 billion yen (about $ 31.16 million) in the second quarter, compared to 1.54 billion yen (about 20.68 million dollars) in the first trimester. The EBITDA margin stands at 17.28%.
Ashwani Kumar, CEO of Suzlon Group, said: “We are happy to see that operations have further improved and the impact of Covid-19 is slowly but steadily reducing along the value chain in India. “
The company installed 113 MW of wind projects in the first half of fiscal 22 and is focused on servicing the 1,091 MW backlog. The wind energy sector as a whole had been brought under control with an addition of only 610 MW in 1 hour from FY22.
According to the company’s investor presentation, Suzlon has orders from customers such as Adani Group, Apraava Energy and Enel Group for 1,090 MW of wind turbines. The company also says that the increase in the Goods and Services Tax (GST) from 5% to 12%, coupled with the increase in the price of commodities and transportation costs, will have an additional negative impact on margins. of the society.
Suzlon said the sale of its 75% stake in Suzlon Generators Limited to Voith Turbo Private Limited, which was due to be completed in the second quarter of fiscal 22, was delayed due to procedural formalities. The transaction is now expected to be finalized by the fourth quarter of fiscal 22.
In July, the company announced a 12.34% increase in net sales in fiscal year 2021. Net sales amounted to 32.95 billion yen (~ 443 million yen). dollars) compared to 29.33 billion yen (~ $ 394.3 million) in the same period a year earlier.
Suzlon announced that it had won an order from Apraava Energy (formerly CLP India) to develop a 252 MW wind project. The project is located in Sidhpur, Gujarat, and is expected to be commissioned in 2022. Suzlon will install 120 units of S120-140m (WTG) wind turbines with a hybrid lattice tubular tower, rated at 2.1 MW each.
Suzlon has a cumulative global installation of approximately 19 GW of wind capacity. It has 13 GW of wind assets in service in India and 1 GW outside India.
Arjun Joshi is a journalist at Mercom India. Prior to joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and overseas. He holds a BA in Journalism, Psychology and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.