Renewable energy developer Suzlon Group posts Q3 FY22 net profit of Rs 38cr

Suzlon Group, an Indian renewable energy developer, has reported a net profit after tax of INR 38 crores in the third quarter of the fiscal year 2022 (Q3 FY22).

The company had posted a net loss of INR 13 crores in Q2 FY22.

Suzlon Group earned revenue of INR 1,597 crores in Q3 FY22, an increase of 18.5% compared to INR 1,347 crores in Q3 FY21.

The Indian renewable energy company said that its order book for wind energy installation is 920.6MW as of 31 December 2021. The order book includes contracts from clients such as the Adani Group, Apraava Energy, and Enel Group.

Suzlon Group has so far installed 19.1GW of wind energy and it is said to have a presence in 17 countries.

Indian renewable energy developer Suzlon Group posts Q3 FY22 net profit of Rs 38cr

Ashwani Kumar — CEO of Suzlon Group said: “We are happy with the manner in which our operations gained momentum in Q3 keeping us on track with our business plan for the year.

Unfortunately, the COVID-19 pandemic is surging across the world again in Q4 FY22 with alarmingly high numbers in India as well. This poses renewed challenges for us going ahead on business delivery towards the end of the financial year.

“While the Indian wind energy industry continues to face several issues, not allowing the sector to unlock its full potential, the Q3 of FY 22 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.”