Indian wind turbine manufacturer Suzlon Energy posted a net profit of ₹780 million (~$9.4 million) during the third quarter (Q3) of the financial year (FY) 2023, an increase of 110% year-on-year (YoY).

The quarterly profit, which is the highest in more than five years, was buoyed by a 56% reduction in finance cost to ₹800 million (~$9.6 million) in the third quarter.

“Our balance sheet is stronger as a result of significant debt reduction post the rights issue. It will be further strengthened with the receipt of ₹6 billion (~$72.4 million) of balance call money on the rights, which is still pending for us to be called,” Suzlon’s CFO Himanshu Mody said.

The company’s net revenue came in at ₹14.49 billion (~$175 million) for the quarter, a 9.3% YoY decline.

Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period totaled ₹2.1 billion (~$25.6 million), down by 13.1% YoY.

Suzlon commissioned the first machine of their largest wind turbine series, the S144-3.x MW at Sankaneri, Tamil Nadu, in December 2022, and the early performance reports are very encouraging, the company said.

“We need installation of more than 10 GW per year. There was a crucial announcement last quarter by the government of India inviting bids for 8 GW annually from 2023 to 2030. This is, of course, will be in addition to the private sector initiatives in the commercial and industrial sectors that we are seeing a good tailwind with,” Ashwani Kumar, the Group Chief Executive for Suzlon, said.

9M FY 2023

The company’s net profit in the first nine months (9M) of FY 2022-23 stood at ₹25.67 billion (~$310 million), compared to ₹270 million (~$3.2 million) during the same period last year.

Suzlon’s revenue grew by 4.3% YoY to ₹42.57 billion (~$514.2 million) and delivered 482 MW during 9M, compared to ₹40.78 billion (~$492.6 million) with a delivery of 471 MW YoY.

EBITDA for the period totaled ₹6.05 billion (~$73 million), a sink of 4.87% YoY.

The company said the priority going forward is pursuing quality orders with higher value and better margins. Their service business continues to do well, and the focus remains on executing their order book.

As of December 31, 2022, the company has 19.7 GW of installed wind energy capacity, with a roughly 33% cumulative market share in India and an overall presence across 17 countries across the globe.

The company said it is well-positioned to capture the market opportunity from the energy transition.

Indian wind turbine manufacturer Suzlon Energy posted a net profit of ₹564.7 million (~$6.95 million) during the second quarter (Q2) of the financial year (FY) 2023, an increase of 555% compared to a loss of ₹124 million (~$1.53 million) in the same period last year.

In October 2022, Suzlon announced raising ₹12 billion (~$145.80 million) through a rights issue of 2.4 billion partly paid-up equity shares. The issue was oversubscribed 1.8 times.