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					</table><p>Spain-based wind turbine maker <a href="https://www.siemensgamesa.com/en-int" target="_blank" rel="noopener">Siemens Gamesa</a>’s net loss widened to €884 million (~$971.9 million) for the first quarter (Q1) of the financial year (FY) 2023 compared to €403 million (~$443.2 million) year-over-year (YoY).</p>
<p>The company detected an upward trend in the failure rate of certain components that resulted in higher-than-expected warranty and service maintenance costs leading to the loss during the quarter.</p>
<p>Additionally, the economic performance during this period was severely impacted by the outcome of the evaluation of the installed fleet, mostly impacting the service business, the company said in a statement.</p>
<p>The wind turbine maker’s revenue for the period came in at €2 billion (~$2.19 billion), up 9.8% YoY mainly driven by the recovery of wind turbine generator (WTG) manufacturing and installation activity.</p>
<p>There was a 13% YoY growth in revenue from WTG production due to the recovery in offshore manufacturing.</p>
<p>Siemens said that the offshore activity was severely impacted during the quarter due to supply chain disruptions that created a shortage in components.</p>
<p>The company said that its revenue from onshore activity also remained impacted which resulted in a 10% YoY decline in manufacturing and a 40% YoY drop in onshore installation volumes.</p>
<p style="text-align: center;"><a href="https://mercomindia.com/wp-content/uploads/2023/02/GAMESA-Q1-2023.png"><img decoding="async" loading="lazy" class="alignnone wp-image-48827 size-full" src="https://mercomindia.com/wp-content/uploads/2023/02/GAMESA-Q1-2023.png" alt="GAMESA Q1 2023" width="782" height="247" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/02/GAMESA-Q1-2023.png 782w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/02/GAMESA-Q1-2023-300x95.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/02/GAMESA-Q1-2023-768x243.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/02/GAMESA-Q1-2023-650x205.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/02/GAMESA-Q1-2023-624x197.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/02/GAMESA-Q1-2023-600x190.png 600w" sizes="(max-width: 782px) 100vw, 782px" /></a></p>
<p>The company’s order backlog remained stable €33.7 billion (~$37 billion) by the end of December 2022, with an order intake of €1.6 billion (~$1.75 billion), down YoY by 34.9% due to volatility of the offshore market.</p>
<p>Siemens currently has €17.3 billion (~$19.08 billion) or 52% of the order backlog in service with 70 GW of onshore and 13 GW of offshore wind orders under maintenance.</p>
<p>“The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability. However, despite the extremely challenging macroeconomic and geopolitical context in which we find ourselves, we have seen progress in other areas, such as with our Siemens Gamesa 5.X platform, thanks to our Mistral program,” said Siemens Gamesa’s CEO Jochen Eickholt.</p>
<p>Siemens <a href="https://mercomindia.com/siemens-gamesa-posts-net-profit-of-million-q4-fy22/" target="_blank" rel="noopener">posted</a> a YoY increase of 17.8% in revenue for the fourth quarter of 2022 at €3.3 billion (~$3.4 billion).</p>
<p>The wind turbine maker <a href="https://mercomindia.com/siemens-gamesas-wind-turbine-manufacturing-revenue-dips/" target="_blank" rel="noopener">reported</a> a net loss of €446 million (~$453 million) for the third quarter of 2022, up YoY by 42%.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Siemens Gamesa’s Q1 Net Loss Widens to €884 Million on Higher Service Costs


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					</table><p>Indian wind turbine maker <a href="https://www.suzlon.com/" target="_blank" rel="noopener">Suzlon</a> announced raising ₹12 billion (~$145.80 million) through a rights issue of 2.4 billion partly paid-up equity shares. The issue was oversubscribed 1.8 times.</p>
<p>The equity shares with a face value of ₹2 (~$0.024) were priced at ₹5 (~$0.060), comprising a premium of ₹3 (~$0.036) for every 21 paid-up equity shares held by the eligible equity shareholders.</p>
<p>Suzlon <a href="https://mercomindia.com/suzlon-raise-%e2%82%b912-billion-through-rights-issue/" target="_blank" rel="noopener">announced</a> the rights issue earlier this month.</p>
<p>The company said the issue resulted in a subscription of 4.35 billion shares.</p>
<p>The cumulative funds raised through the rights issue are recorded in multiple calls, of which the first call at the time of application was ₹6 billion (~$72.5 million).</p>
<p>The funds will be used to repay or pre-pay a portion of certain outstanding borrowings availed by Suzlon and its subsidiaries.</p>
<p>The allotment and listing formalities of the new shares on the BSE and National Stock Exchange are likely to be completed by the first week of November 2022.</p>
<p>Suzlon operates across 17 countries spread over six continents and claims to have the largest wind-installed base as a wind energy original equipment manufacturer with approximately 13.45 GW of installed capacity in India until June 30, 2022.</p>
<p>Suzlon&#8217;s wind projects have contributed approximately 33% of the country&#8217;s total wind installed base. It has an installed capacity of approximately 5.96 GW outside India, aggregating to a global installed capacity of approximately 19.41 GW globally as on June 30, 2022.</p>
<p>Earlier this month, Suzlon <a href="https://mercomindia.com/daily-news-wrap-up-suzlon-to-develop-48-mw-wind-for-adani/" target="_blank" rel="noopener">bagged</a> an order from Adani Green Energy Limited to supply 48.3 MW of wind power projects and install 23 units of wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is in Gujarat&#8217;s Kutch district and will likely be commissioned in 2023.</p>
<p>Suzlon <a href="https://mercomindia.com/suzlon-net-profit-q3-fy-2022/" target="_blank" rel="noopener">reported</a> a turnaround with a net profit after tax of ₹370 million (~$4.93 million) in the third quarter (Q3) of the financial year (FY) 2022 compared to the net loss of ₹130 million (~$1.73 million) in the previous quarter. The company <a href="https://mercomindia.com/suzlons-revenue-up-21-yoy-%e2%82%b913-78-billion-q1-fy-2023/" target="_blank" rel="noopener">recorded</a> a net profit of ₹24.33 billion (~$306.34 million) in the first quarter of FY23.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Wind Turbine Maker Suzlon’s ₹2.4 Billion Rights Issue Oversubscribed

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