Suzlon Q1 FY17 Results: Suzlon continues growth trajectory

Pune, India: Suzlon Group, one of the leading global renewable energy solutions providers,  announced its quarterly (Q1) results of financial year 2016-17 (FY17) as per India Accounting Standards (IND AS).

 

Strong wind order book at 1,205 MW for the current year

 Delivered 204 MW in Q1FY17

 Records stable volumes, margins and reduced interest costs

 New generation wind turbine, S111 120m received type certification

 Received innovation award for its 120m hybrid tower

 

J.P. Chalasani, Group CEO, Suzlon, said, “We are very optimistic on the growth of renewables in India. The country witnessed record renewable energy installations in FY16 and the industry will surpass it by over 30% in the current fiscal. Combined, wind and solar capacity has surpassed hydro capacity and is only next to coal-based capacity in India. The government thrust on renewables is supported by positive policy actions to enable the target of 175 GW renewables by 2022. Our confidence to achieve higher than the industry growth rate comes from our product portfolio, strong order backlog, execution capabilities and strong presence across the value chain and customer segments.”

Kirti Vagadia, Group Chief Financial Officer (CFO), Suzlon, said, “In FY17, we are focused on ramping up volumes by executing our strong order backlog, ensuring that we continue to maintain tighter control on our working capital and fixed costs. We are also adequately capitalized to deliver high volume in the coming quarters. Our long term debt and overall finance cost is progressively reducing. The introduction of new accounting regime in form of IND AS mainly reflects in two major areas namely foreign exchange (FOREX) and impact of Right of Recompense (RoR) on a potential Corporate Debt Restructuring (CDR) exit scenario.”