Suzlon Reports Sizable Increase In Profits

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Suzlon Energy Ltd. has reported an 80% year-over-year growth in revenue of $980 million for the second quarter of this year. The company reported a loss of $206 million during the same period last year.

‘Our performance is in line with our full-year guidance, and we have maintained a very strong order book at $6.63 billion,’ says Tulsi Tanti, founder, chairman and managing director of Suzlon.

The company also announced that it has entered into an agreement with ZF Friedrichshafen AG to sell Suzlon's 26% stake in Hansen for approximately $187 million.

The company says that despite the challenges in developed markets, the wind industry continues to grow, with strong momentum building in emerging markets and the offshore segment.

Recent policy developments on energy security and safety concerns, such as the planned phaseout of nuclear energy in Germany and the introduction of carbon pricing in Australia, have placed an increased emphasis on renewables, particularly wind, translating into a positive outlook even in developed markets throughout the long-term, according to Suzlon.

There has been a strong interest in the new Suzlon S9X-2.1 MW suite, which is designed for medium-to low-wind regimes, with over 450 MW in new orders for projects in Australia, Europe, India, North America and South America. Prototypes of the S9X-class turbines are now running in Australia and India, with more due to be commissioned later this fiscal year.

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