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Suzlon Energy Powered by US Order

June 7, 2007

US-based Suzlon Wind Energy Corporation, the step-down subsidiary of Suzlon Energy, has signed a contract for a total of 300 units of 630 mega watt (MW) of wind turbine capacity with Edison Mission Group of Irvine, California, the USA. The two phase contract calls for delivery of 315 MW of turbine capacity in 2008 and another 315 MW of capacity in 2009.

In May 2007, Suzlon Energy had acquired German wind turbine manufacturer REpower after the French nuclear energy group Areva decided to withdraw from the bidding contest. REpower is one of Germany’s biggest wind-turbine makers and one of the world’s leading companies in wind energy sector.

Suzlon Energy’s net profit rose 21.56% to Rs 437.82 crore in Q4 March 2007 (Rs 360.16 crore). Sales moved up 32.72% to Rs 2055.48 crore in Q4 March 2007 (Rs 1548.71 crore). The net profit rose 29.22% to Rs 1061.14 crore in FY 2007 (Rs 821.19 crore). Sales jumped 42.02% to Rs 5380.37 crore in FY 2007 (Rs 3788.46 crore).

From Rs 1187.65 on 30 April 2007, it had advanced to Rs 1,250.90 by 14 May 2007. But it slipped sharply to Rs 1,138.30 on 15 May 2007 after it reported poor results for Q4 March 2007 during trading hours that day. The scrip again moved up to Rs 1378 by 25 May 2007. It had settled at Rs 1310 on 6 June 2007.

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