Suzlon Energy Limited, the world’s fifth largest wind turbine supplier, announced an 80 percent increase in year-on-year revenues to $980 million in the first quarter of 2012.
Suffering from negative earnings before interest and taxes in the first quarter of fiscal year 2011, the company gained $79 million in the quarter ending June 30, 2011.
“Our performance is in line with our full-year guidance, and we have maintained a very strong order book at $6.63 billion,” said Tulsi R. Tanti, founder of Suzlon.
Robin Banerjee, chief financial officer of Suzlon Energy Ltd., said they also had a profitable first quarter, with a turnaround from a loss of over $20 million to a profit of $1.34 million.
   |
   |
The company reported there has been strong interest in its new wind turbine, S9X-2.1, having reportedly received over 450 megawatts’ worth in new orders for projects in Australia, Europe, India, and North and South America.
Overall, the company is feeling optimistic that the wind industry will gain momentum, citing recent policy developments on energy security and safety concerns such as the phasing out of nuclear power in Germany.
Carbon pricing being introduced in Australia could also lead to the growth of renewables, particularly wind, they suggest.
Just this May, the company reported that its consolidated sales of wind turbines for the January to March 2011, its 2011 fourth quarter period, rose to $1.622 billion, up by almost 20 percent from the $1.356 billion of the same period in fiscal year 2010.
Suzlon is ranked fifth in the world by BTM Consult, a part of Navigant Consulting, in its World Market Update 2010.
