Pune, India: Suzlon Group, one of the leading global renewable energy solutions providers, today announced its third quarter (Q3) results of financial year 2016-17 (FY17) as per India Accounting Standards (IND AS).
J.P. Chalasani, Group CEO, Suzlon, said, “Our Q3 FY17 performance further consolidates the growth we have achieved in the first two quarters with the volumes growing by 31% as compared on a QoQ basis. The domestic market is likely to grow in size, mainly due to the State Feed in Tariff (FIT) programs, Inter State Transmission System (ISTS) with non-windy states, and the demand to meet the Renewable Purchase Obligations (RPO). The competitive bidding process held recently will drive volume growth in the industry. With 14 manufacturing facilities we are the only OEM with blade capacities in all key windy states.”
Kirti Vagadia, Group Chief Financial Officer (GCFO), Suzlon, said, “We continue to focus on delivering robust growth in volume with enhanced business efficiency. This is reflected in the improved profitability and net working capital despite increasing volumes. Our net term debt has reduced to Rs. 6,538 crores. The sustainability of our turnaround and growth momentum has been validated by an upgrade in credit ratings by CARE to investment grade ‘BBB’ from the earlier ‘BBB-’ to Suzlon Energy Ltd., and a provisional ‘A-’ credit rating to our subsidiary - Suzlon Global Services Ltd.”
Suzlon Group financial performance at a glance (consolidated): Revenues
1. Credit Rating upgraded from ‘BBB-‘ to ‘BBB’ for Suzlon and its domestic subsidiaries as well as SE Forge by CARE
2. Rating agency CARE has provided a provisional rating of ‘A-‘ to Suzlon Global Services Ltd., with stable outlook. The rating has been assigned for its proposed long term and short term bank facilities. CARE ‘A’ ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations, carrying low credit risk.
3. 49% divestment in 210 MW solar projects in Telangana completed
4. Milestones and recognition:
a. Suzlon reached a milestone of 10,000 MW of installed capacity which makes it the largest renewable energy company in India. Suzlon is the only company that is present in all nine windy states with over 14 manufacturing facilities in India, living up to the adage of truly, ‘Make in India’
6. Market outlook:
a. Wind energy in India delivered highest installation of over 3,400 MW in FY16 and is
b. Two new rotor blade factories commissioned in Andhra Pradesh and Rajasthan
5. Entire 10,000 MW under service fold with Suzlon and is the largest wind asset management base in the country
expected to grow beyond that in FY17
b. India’s commitment at COP21 to achieve 40% renewables by 2030 will continue to fuel demand for clean energy
c. Strong intent of the Government and supportive policy actions to enhance the role of renewables in India’s energy security
d. Policy impetus such as approval revised RPO trajectory, approval on repowering policy and 1 GW under Inter-state transmission scheme (ISTS) across various states will further bolster incremental demand for renewable energy in India
e. Global Wind Energy Council forecasts global wind energy capacity to double over the next five years, representing growing demand
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