Wind Turbine Maker Suzlon’s Revenue Up 21% YoY to ₹13.78 Billion in Q1 FY 2023

The company’s profit before tax in Q1 FY23 was ₹70 million

August 17, 2022

/ Wind

Indian multinational wind turbine manufacturer Suzlon Energy Limited posted net revenue of ₹13.78 billion (~$173.52 million) for the first quarter (Q1) of the financial year (FY) 2022-23, a year-over-year (YoY) leap of 21% from ₹11.35 billion (~$142.92 million).

Suzlon’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the period totaled ₹2.14 billion (~$26.95 million), up 39% YoY from ₹1.54 billion (~$19.39 million) last year.

The company’s profit before tax (PBT) before exceptional items was ₹70 million (~$881,405), a substantial increase from a loss of ₹790 million (~$9.95 million) during the same period last year.

The wind turbine maker recorded a net profit of ₹24.33 billion (~$306.34 million) during the quarter through exceptional gains primarily on account of the conversion of financial instruments pursuant to refinancing.

The company has a global presence with 19.4 GW of installed wind capacities in North and South America, South Africa, Europe, Australia, and Asia. The highest capacity of 14.40 GW is deployed across Asia as of June 2022.

Suzlon Q1 FY23 graph

Suzlon occupies a cumulative market share of approximately 33% in India and a manufacturing capacity of 3.15 GW across the country.

Suzlon’s order book had a total of 692.4 MW of wind projects by the end of Q1, including 367.5 MW of projects won in central government auctions and 56.7 MW projects bagged from auctions hosted by state governments. In all, 268.2 MW of wind projects were under captive, retail, or public sector undertakings (PSUs). The order book comprises commitments from customers such as Adani group and Apraava Energy.

Suzlon’s CEO Ashwani Kumar observed, “The ramping up of our operations has been successfully achieved and stabilized. We are beginning to show growth and are well positioned to leverage the tremendous opportunity the renewables market offers in the coming years. We launched our larger turbines in the 3 MW to 3.15 MW series with a rotor diameter of 144 meters with an increased generation of ~45% over the S120 in low wind sites and are working on commercializing the same. While our order book remains healthy, executing orders to meet customer expectations is our priority for this financial year.”

The company has operations and maintenance services across 191 sites that rely on over 9,600 wind turbines. Suzlon reported $12 billion worth of assets under management (AUM) until the end of Q1 FY 2023, with 15.9 GW plus wind projects in eight countries worldwide.

The company is expecting the government’s recent decision to consider the removal of the e-reverse auction of wind energy projects to be a game-changer for the sector.

It also welcomed the recent order of the Ministry of Power, providing for a separate class for wind RPO (Renewable Purchase Obligation).

The Pune-based company reported a turnaround with a net profit after tax of ₹370 million (~$4.66 million) in Q3 of FY 2022, compared to the net loss of ₹130 million (~$1.64 million) in the previous quarter.