On a consolidated basis, the renewable energy solutions provider reported a net profit of Rs 37.69 crore in Q3 December 2021 as against net loss of Rs 117.07 crore in Q3 December 2020.
The company’s revenue from operations jumped 70.33% to Rs 1596.87 crore in Q3 December 2021 as against Rs 937.52 crore in Q3 December 2020.
Pre-tax profit stood at Rs 41.54 crore in Q3 December 2021 as against pre-tax loss of Rs 110.89 crore in Q3 December 2020.
EBITDA stood at Rs 286 crore in Q3 FY22 while EBITDA margin was at 17.9%.
Ashwani Kumar, chief executive officer, Suzlon Group, said, “We are happy with the manner in which our operations gained momentum in Q3 keeping us on track with our business plan for the year. Unfortunately, the COVID-19 pandemic is surging across the world again in Q4 FY22 with alarmingly high numbers in India as well. This poses renewed challenges for us going ahead on business delivery towards the end of the financial year.”
“While the Indian wind energy industry continues to face several issues, not allowing the sector to unlock its full potential, the Q3 of FY 22 saw some good policies for the wind energy sector. Most of these were around ISTS, Renewable Energy bundling and a few State level wind energy policies, making it a well-rounded environment going forward.”
Himanshu Mody, chief financial officer, Suzlon Group, said, “Q3 of FY22 saw us sustaining pace in our manufacturing and projects operations. However, with the current uncertainty, availability and prices of raw materials and components remain a challenge, eroding our margins and volumes. An exponential rise in logistics costs and the increase in GST from 5% to 12% has further increased project costs. We have maintained our quarter on quarter (QoQ) performance with a revenue of Rs. 1,597 crores while keeping a strict control on costs. Our Operations and Maintenance Service (OMS) business continued to deliver good turbine performance in Q3 leveraging digitization and digitalization to navigate the uncertainties of the pandemic.”
The Suzlon Group is one of the leading renewable energy solutions provider in the world with presence in 17 countries.
Shares of Suzlon Energy fell 1.64% to Rs 11.38 on Friday, 28 January 2022.
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