Renewable energy developer and wind turbine manufacturer, Siemens Gamesa, has announced its financial results for the first half (October-March) and the second quarter (January-March) of fiscal year (FY) 2019.

The company clocked in a revenue increase of 6% on a year-on-year (YOY) basis in the first half of FY 2019, to €4.6 billion ($5.2 billion) and by 7% in the second quarter, to €2.3 billion ($2.6 billion), due to a strong performance in offshore service.

The company stated that the first half of FY 2019 had Earnings Before Interest and Tax (EBIT) pre-PPA and integration and restructuring costs of €316 million ($355 million), equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 6.8%. In the second quarter, EBIT pre-PPA and integration and restructuring costs amounted to €178 million ($200 million), equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 7.5%.

Net income amounted to €67 million ($75.25 million) in the first half, from €0 million in the same period last year, and to €49 million ($55 million) in the second quarter, an increase of 40% YoY. Net debt amounted to €118 million ($132.5 million) as of March 31, 2019.

The company has logged orders worth €10.9 billion ($12.25 billion) in the last 12 months (+8% YoY), driven by strong performance in all segments.

Siemens Gamesa also announced that it has become the first wind turbine manufacturer to attain an investment grade rating. The company obtained a BBB- long-term credit rating, with positive outlook, from Standard & Poor’s (S&P), and a Baa3 outlook stable rating from Moody’s. Siemens Gamesa has debuted in the public rating arena within investment grade.

In March 2019, Mercom reported on the news of Greenko Group signing an agreement with Siemens Financial Services (Siemens) for 46% equity investment in its 200 MW Poovani wind power project in Tamil Nadu. This is the first investment by Siemens in a wind farm in Asia.

Siemens also recently announced the acquisition of KACO New Energy’s solar string inverter business.

In 2018, a total of 20,641 wind turbines were installed across the globe with a total capacity of 50,617 MW. These wind turbines were supplied by 37 manufacturers, says a recent report by the Global Wind Energy Council. According to the report, eight out of the top 15 wind turbine manufacturers are based in China. Moreover, one in five wind turbines were installed by Vestas, the world’s largest turbine supplier in 2018, followed by Goldwind and Siemens Gamesa.