Sungrow Reports Nearly 56% Rise in Revenue in the First Half of 2020
The company also registered around 34% YoY increase in net income
September 3, 2020
Sungrow, a solar inverter manufacturer, reported that its revenue increased by 55.57% year-over-year (YoY). In the first half (1H) of the financial year (FY) 2020-21, its revenue inched up to $987.2 million (~₹72.28 billion) despite the impact of the COVID-19 disruptions.
According to the company’s press statement, Sungrow reported a 34.13% YoY rise in its net income, which reached $63.4 million (~₹4.63 billion) with the help of its strong performance in North America, South America, Europe, and China. The inverter supplier added that it managed to enhance its operational cash flow by around 85.41%.
Sungrow’s revenue rose around 48.49% YoY to $870.8 million (~₹63.70 billion) in the solar sector for 1H 2020, according to the press statement. The revenue for the energy storage segment grew 49.66% YoY to $35.6 million (~₹2.60 billion) in 1H 2020.
The company said that its constant efforts to evolve technical innovations and global expansion were significant factors for the revenue boost. Sungrow added that it deployed over 1,000 of its integrated storage solutions across the world, and its total shipment reached around 120 GW as of June 2020.
“Sungrow keeps offering state-of-the-art-products and solutions to meet diversified global market demand. The forecast for the second half of 2020 is optimistic as the global market heads to recover in a few months,” said Cao Renxian, Chairman of Sungrow.
According to India Solar Market Leaderboard 2020, Sungrow was one of the top three solar inverter suppliers in the calendar year 2019.
In April 2020, Sungrow reported that its revenue increase by 25.4% to $1.864 billion (~₹140.43 billion) in the fiscal year 2019, up from $1.572 billion (~₹118.44 billion) in 2018. The company had then said it held the leading position in the U.S., Brazil, Chile, and holds a market share of over 30% in Southeast Asia. It attributed this growth to its research and development department, noting that it invested $911.8 million (~₹68.7 billion) in it.
Earlier this year, in an interview with Mercom, Sunil Badesra, Business Head at Sungrow (India), explained what the company expects from the Indian solar market and his take on the quality certification.
Image credit: Sungrow