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PRESSEMITTEILUNGEN

31.10.2008 Suzlon reports 35% H1 top-line growth

• Achieves PAT INR 123 cr., excluding exchange loss on FCCB
• New capacity build up on-track
• SE Forge commences commercial production

Mumbai: Suzlon Energy Limited (SEL), the world’s fifth leading and India’s largest wind turbine manufacturer, reported sales growth of 35% for the quarter ended.

The company reported consolidated revenues excluding Hansen and REpower Group of INR 6,268 crore in H1 FY09, a 35.12% growth over corresponding period of the previous year. Profit after tax stood at INR 123 crore excluding accounting for exchange loss on FCCB of 343 crore, and SEL's consolidated order book stood at INR 15,131 crore (USD 3,034 ml), combined for the wind and component businesses as on October 29, 2008.

Speaking on the company’s performance, Mr. Toine van Megen, CEO of Suzlon’s wind energy business, stated: “We have registered a steady growth in our top line growth, with sales increasing over 35% over the first half of the previous year and 7% increase in EBIDTA. Our profitability however has been affected by a number of exceptional items, as compared to the previous period. Mark-to-market losses along with notional losses on account of our USD 500 million FCCB, coupled with business factors like increased logistics costs has resulted in lowered profit.

”Suzlon reported a consolidated order book position of INR 14,052 crores (2,505 MW) in wind; with INR 1,261 crore (236 MW) in domestic orders, and INR 12,791 crore (2,269 MW) in international orders; with additional orders of INR 1,080 crore in the component business – leading to total orderbook position of INR 15,131 crores as on October 29, 2008.

The company’s capex plans are on schedule to expand wind turbine manufacturing capacity by 3,000 MW, leading to a total manufacturing capacity of 5,700 MW worldwide. The company has also cancelled further planned capex for a tower manufacturing facility in India reducing capex by INR 669 crores, due to changing business dynamics making it more economical to outsource tower production to local markets.

Speaking on the plans, Mr. Sumant Sinha, COO of Suzlon’s wind energy business, stated: “We are responding dynamically to a rapidly changing environment. Suzlon’s growth to become a world leader has been led by far-seeing vision, and our ability to change to suit new business realities will be key to our future growth.”

Speaking on the outlook for the wind industry, Mr. Tulsi R. Tanti, Chairman and Managing Director of Suzlon Energy Ltd., stated: “We are today in the midst of navigating through a challenging economic landscape. The crisis in credit and capital markets had affected the economy at large. The wind industry has also seen the impact of these changing economic conditions.

“However, the future for our business is robust. A majority of customers are large utilities with strong balance sheets. We believe that the overall imperative for sustainable development and wind energy remain strong with the world’s limited supply of fossil fuels and a looming climate crisis. Enabling factors like the Renewable Portfolio Standards and Production Tax Credits in key markets will continue to be strong growth drivers.”

NOTE: All INR-US$ figures in this document are converted at the rate of US$1 = INR 49.87
* BTM Consult ApS – World Market Update 2007

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