Suzlon Energy’s Q3FY22 net profits up on strong orders, favourable policy

New Delhi, Jan 30 (SocialNews.XYZ) Suzlon Energy's net profits during Q3FY22 were at Rs 37 crore, as against sharply lower net losses of Rs 113 crore in the same period last fiscal.

During Q2FY22, the net losses were at Rs 13 crore.

The strong profits, in the quarter that ended on December 31, was led by strong orders from some of its marquee customers -- Adani group, Apraava Energy and Enel Group, it said, adding that business continued to perform well despite Covid-led challenges.

Various policy interventions by the Centre as well as its green ambitions also supported the renewable energy solutions company provider's financial outcome.

Headquartered in Pune, the Suzlon Group is one of the leading renewable energy solutions providers in the world with presence in 17 countries.

Net revenue during the Q3FY22 increased to Rs 1,597 crore, as compared to Rs 938 crore in the same quarter last fiscal.

During Q2FY22, it was at Rs 1,347 crore.

"While the Indian wind energy industry continues to face several issues, not allowing the sector to unlock its full potential, the Q3 of FY22 saw some good policies for the wind energy sector. Most of these were around 'ISTS', Renewable Energy bundling and a few State level wind energy policies, making it a well-rounded environment going forward," said Ashwani Kumar, Chief Executive Officer of Suzlon Group.

According to Himanshu Mody, Chief Financial Officer of Suzlon Group: "Q3 of FY22 saw us sustaining pace in our manufacturing and projects operations. However, with the current uncertainty, availability and prices of raw materials and components remain a challenge, eroding our margins and volumes."

An "exponential rise" in logistics costs and the increase in GST from 5 per cent to 12 per cent on renewable energy devices have further increased project costs, Mody added.

Source: IANS