Suzlon lost money in the third quarter

The Indian turbine manufacturer saw its bottom line go red in the third quarter, though the company has great confidence in its home market.

Indian wind turbine manufacturer Suzlon Energy published its Q3 report late Friday for the June-July year.

It was a sad affair for Vestas competitor Suzlon, which reported that it had lost funding.

According to Bloomberg News, the wind turbine company lost INR 326.8 million (EUR 4.1 million) over the three months.

Over the same period the year prior, the company reported an INR 2.83 billion result.

According to Bloomberg Energy, the company booked a Q3 revenue of INR 22 billion.

However, the company is confident about the future, expressing optimism about developments on the home market.

"The domestic wind market is on the path to grow significantly in the competitive bidding regime and increased demand for clean energy, which has now become a reliable and mainstream source of energy. We are confident that the industry will regain the momentum as there is clear business visibility of ~7.5 GW even before the start of the next financial year," said J.P. Chalasani, Group CEO, in a press release.

He explains in the press release that the company is in a good position to capitalize on the new opportunities in the market.

"We will continue to innovate and introduce next-generation turbines which will ensure higher energy yield and unlock even the low-wind sites. Going forward, we will remain focused on maintaining our cost competitiveness by leveraging India as the manufacturing hub. We will also focus on select profitable and high margin international markets," says Chalasani.

According to the press release, Suzlon has an order backlog of 677 MW, backed up PPA's, and framework agreement of 455 MW in advance whereby the PPA is already signed.

English Edit: Lena Rutkowski

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