Suzlon to raise Rs 5,000 cr, net up 108% to Rs 761 cr

On the back of robust financial results for fiscal 2005-06, the country’s largest wind turbine generator manufacturer Suzlon Energy Ltd announced that it will raise Rs 5,000 crore through overseas bonds or depository receipts for expansion and debt repayment.

On the back of robust financial results for fiscal 2005-06, the country’s largest wind turbine generator manufacturer Suzlon Energy Ltd announced that it will raise Rs 5,000 crore through overseas bonds or depository receipts for expansion and debt repayment.

Speaking to reporters after announcing the results for the last fiscal, Suzlon Chairman and Managing Director Tulsi R. Tanti said that Rs 2,500 crore would be used for repayment of debt incurred while acquiring Belgium’s Hansen Transmission International NV in March. The company had paid $520 million for the acquisition and Tanti expects Hansen to contribute to the company’s finances by Q1 of the current fiscal.

The company reported a 98 per cent growth in sales in FY 2005-06 at Rs 3841.03 crore while net profit went up by 108 per cent to Rs 760.52 crore. For the last quarter of the fiscal the company’s income went up by 60.97 per cent to Rs 1579.60 crore as against Rs 981.24 crore in Q4 of Fy 2004-05. Net profit for the quarter was also up by 41.94 per cent to Rs 360.16 crore.

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Tanti expressed hope of continuing the growth trajectory in the next fiscal citing the company’s strong order book position. As on April 1, the company’s order book value stood at Rs 3303.53 crore—domestic orders accounted for Rs 720.30 crore, while international orders made up for the balance Rs 2583.22 crore.

‘‘Throughout last year we have exceeded shareholder expectations on all parameters and the results are a testament to the soundness of our business model. Along with Hansen, our subsidiaries in US and China will start operations in the second quarter of this fiscal,’’ Tanti said adding that the company is investing $60 million in its integrated facility in China.

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