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India’s Suzlon Energy, the world's fifth largest wind turbine supplier, today reported a net profit of $1.3 million for period April-June quarter of 2011-12.
The profit represents a significant turnaround in the company's fortunes, as during the same period last year Suzlon Energy lost $20.6 million, India’s Economic Times reported.
Suzlon Energy has registered an 80 percent year on year growth in revenues to $980 million for the period April-June 2012.
Suzlon Energy’s Earnings Before Interest, Taxes and Depreciation, Depletion and Amortization for the period April-June 2012 stood at $111 million as opposed to a negative EBITDA rate of $124 million for the same period in 2010.
Suzlon Energy Chief Financial Officer Robin Banerjee said, "We have reported a profitable first quarter, with a major turnaround from a loss of $20.6 million in Q1 FY11 to a profit of $1.3 million in Q1 FY12. We have improved our gross profit levels to 35 per cent despite a very competitive market environment and rising commodity prices. We have maintained our focus on consistently improving operational efficiency, managing our debt profile, and securing orders, " Banerjee said, adding that the Suzlon Group has strong order book of nearly $6.6 billion.
Suzlon Energy Group's Chairman and Managing Director Tulsi R Tanti said in a statement, “Our performance is in line with our full year guidance.”
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com