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Monday, February 1, 2010

RESULTS- Suzlon Energy Posts Profits for Q3 FY10

SUZLON ENERGY has announced its Q3 results of FY10. It has reported Consolidated Net Profit of Rs 14.1 crs as against loss of Rs 34.9 crs, QoQ, boosted by profit on stake sale of Hansen booked Rs 251.96 cr.
Consolidated Total Revenues declined to Rs 5,608 crs from Rs 6,943 crs. Income from Operations slipped to Rs 5,590 crs from Rs 6,920 crs.
Suzlon's Net Debt stood at Rs 10,488 crs as on December 31, 2009.

EBIDTA (earning before interest, depreciation, tax and amortisation) was down to Rs 274.6 crs from Rs 724.7 crs.
Adjusted losses without extraordinary was at Rs 221.1 crs v/s loss of Rs 340 crs, QoQ.

Interest expenses were still steady at Rs 289.5 crs v/s Rs 233.85 crore.

-Sale of 404 MW v/s expectations of 470-480 MW
-Better sales QoQ at 404 MW v/s 283 MW
-Low volumes hit margins to make operating loss in standalone in wind business
-Operating loss of Rs 74 crs v/s Rs 149 crs
-Order book inflow still weak; added 399 MW in Q3 with only 68 MW from international markets
-No orders from the Chinese and European markets during the quarter
-Order backlog flat QoQ at 1484 MW
-Net debt reduced by Rs 3274 crs from Rs 13,762 crs to Rs 10488 cr by end December.
-Rupee refinancing progressing well; nearly 80% tied-up and full closure expected by end-February 2010

Management says

-Strong revival seen in Indian wind market; 
-New policy initiatives support long-term growth; 
-Order wins from PSUs and large corporates: ACC, GACL, GAIL, ITC, RSMML, among others


-Revenues down 12.1% to Euro 137 million; margins at 9.8% vs 12.9% YoY; QoQ better with improvement from cost control
-Reduction in scheduled deliveries of both industrial and wind turbine gearboxes
-Company says: customers are continuing to defer deliveries of the gearboxes with stricter control of inventories in line with the current operating and credit environment
-Scaled down FY10 guidance implies 40% decline in Q4 revenues
-Upswing in market is expected from July-Sept Quarter


-Flat revenues of Euro315 million v/s Euro 312 million 
-EBIT at Euro 25 million v/s Euro 15 million 
-Margins at 7.9% v/s 4.9%
-Final numbers on February 12, 2010
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