Wind turbine manufacturer Suzlon Energy Limited has announced a 12.34% jump in its net revenue in the financial year (FY) 2021. The company’s net revenue stood at ₹32.95 billion (~$443 million) in FY 2021 compared to ₹29.33 billion (~$394.3 million) during the same time the year before.

The Pune-based firm narrowed down its net loss by 73% to ₹7.02 billion (~$94.38 million) in FY 2021 from ₹26.26 billion (~$353.08 million) in the previous financial year.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITA) also saw a turnaround to ₹5.34 billion (~$71.81 million) profit from a loss of ₹8.60 billion (~$115.64 million) in the previous financial year.

Ashwani Kumar, Chief Executive Officer of Suzlon Group, said, “For Suzlon, this was the first year of restarting our operations post debt restructuring. While our installation remained low, our strategic imperatives for the year were restarting our manufacturing facilities, ensuring the continuation of our OMS operations without interruptions, and fulfilling the obligations of our debt restructuring. However, exponential increase in commodity prices like those of steel has impacted our profitability significantly in India.”

The company reported that its net revenue stood at ₹11.2 billion (~$ 150.59 million) in the fourth quarter (Q4) of FY 2021 compared to ₹6.43 billion (~$86.44 million) in the same period last year, registering a 74% profit. Its net loss in Q4 2021 narrowed over 35% down to ₹5.3 billion (~$71.25 million) from ₹8.23 billion (~$110.64 million) in Q4 2020.

The company said its EBIDTA also saw a turnaround to ₹ 1.96 billion (~$26.34 million) in Q4 2021 from a loss of ₹3.67 billion (~$49.32 million) in the same period last year.

According to Suzlon, it has a global wind energy capacity of over 18.8 GW. The company has over 12.8 GW of installations in India, making up 33% of the country’s cumulative wind installations.

Last month, Suzlon Group announced that it had won an order from CLP India to develop a 252 MW wind power project. The project is in Sidhpur, Gujarat, and is expected to be commissioned in 2022.

In February 2021, the company announced a 43% jump in its net revenue in the third quarter (Q3) of FY 2021 after a ramp-up in its wind turbine generator business after debt restructuring.