Suzlon Energy posts net profit of Rs.176.23 Crores, realigns operations

Suzlon Energy Ltd has announced the following Unaudited results for the quarter ended December 31, 2006:

The Company has posted a net profit of Rs 1762.30 million for the quarter ended December 31, 2006 where as the same was at Rs 1619.40 million for the quarter ended December 31, 2005. Total Income is Rs 11260.70 million for the quarter ended December 31, 2006 where as the same was at Rs 8632.40 million for the quarter ended December 31, 2005.

The Company as part of its long-term plans of having independent manufacturing units for various components of a Wind Turbine Generator ('WTG') has realigned its operations and has commenced sale of tubular towers through one of its wholly owned subsidiary. Accordingly, the standalone results for the quarter ended December 31, 2006 do not include the sale of tubular towers aggregating approximately Rs 1169.60 million and Rs 3294.70 million respectively which have been sold through the wholly owned subsidiary. Accordingly, the sales realizations and gross margins for standalone results during the quarter ended December 31, 2006 are to that extent not comparable with the standalone results of prior periods presented.

The Consolidated results are as follows:

The Group has posted a net profit after Minority interest of Rs 1743.90 million for the quarter ended December 31, 2006 where as the same was at Rs 1349.40 million for the quarter ended December 31, 2005. Total Income is Rs 19392.90 million for the quarter ended December 31, 2006 where as the same was at Rs 9083.50 million for the quarter ended December 31, 2005.

The Company through its wholly owned subsidiary, AE-Rotor Holding B.V., The Netherlands ("AE-Rotor") has on May 09, 2006, purchased 100% of the share capital of Eve Holding NV, Belgium for a consideration of Euro 431.43 Million. By virtue of the acquisition of Eve Holding by AE-Rotor, the Company has 100% ownership of Hansen Transmissions International NV, Belgium along with its subsidiaries, which are engaged in the business of design, development, manufacturing and supply of industrial and wind gear boxes and is the second largest wind energy gearbox manufacturer in the world having approximately 33% global market share. The above consolidated results for the quarter ended December 31, 2006, interalia includes the results of Eve Holding NV, Belgium. Accordingly the sales and gross margins for the consolidated results during the quarter ended December 31, 2006 are to that extent not comparable with the consolidated results of prior periods presented.

Source : Equity Bulls

Keywords