Suzlon Energy registers Rs 32.95 bn revenue in FY21

Suzlon Energy Limited, a wind turbine manufacturer, announced a 12.34% boost in its net revenue in FY21. The company’s net income stood at Rs 32.95 billion in FY 2021 compared to Rs 29.33 billion throughout the same time the previous year. The Pune-based company reduced its net loss by 73% to Rs 7.02 billion in FY21 from Rs 26.26 billion in the last financial year. The firm's earnings before interest, taxes, depreciation and amortization (EBITA) also witnessed a turnaround to Rs 5.34 billion profit from a loss of Rs 8.60 billion in the previous fiscal year. According to Suzlon, it has a worldwide wind energy capacity of over 18.8 GW. The firm has more than 12.8 GW of installations in India, which is 33% of the country’s total wind installations. The company told the media that its net revenue stood at Rs 11.2 billion in the fourth quarter (Q4) of FY21 compared to Rs 6.43 billion in the same time the previous year, recording a 74% profit. Its net loss in Q4 2021 narrowed over 35% down to Rs 5.3 billion in Q4 2020 from Rs 8.23 billion. Moreover, the firm said its EBITDA also observed a turnaround in Q4 2021 to Rs 1.96 billion from a loss of Rs 3.67 billion at the same time last year. Suzlon Group also notified it won an order from CLP India to construct a 252 MW wind power project. The project that is in Sidhpur, Gujarat, is expected to be commissioned in 2022. After an increase in its wind turbine generator business after debt restructuring, the firm announced a 43% boost in its net revenue in the Q3 of FY21. Ashwani Kumar, Chief Executive Officer of Suzlon Group, said their installations were slow however, the strategic imperatives were restarting their manufacturing abilities, and an increase in commodity prices such as steel affected their profitability in India. Image Source Also read: Sterling & Wilson Solar incurred Rs 2.9 bn losses in FY21 Also read: NALCO Q4 results: Net profit in FY21 up 800%