The chairman of the world’s fifth largest wind turbine maker, Suzlon, has predicted that 2012 will be “a defining year” for the Indian company.
Tulsi Tanti was speaking following the release of the company’s first quarter results, which saw revenues of $859m, a year-on-year rise of 10 per cent.
Tanti said it had been “a disappointing first quarter” and blamed “the macroeconomic environment, policy uncertainties in some markets… and the depreciating Rupee”.
But he added that the core business fundamentals remain sound – “high gross margins, a strong and firm orderbook, and high turbine availability”.
He said Suzlon had strengthened its balance sheet by selling off wind farm assets in India and manufacturing assets in China and stated: “This will be a defining year for Suzlon Group, even as our sector continues to face a number of challenges. I remain cautiously optimistic that we will end the fiscal in a satisfactory position.”
Suzlon’s market share for offshore installations in Europe for the first half of 2012 was around 22 per cent and as of this week its orderbook stood at 5.6 GW, with a value of $7.2bn.
Suzlon has installed capacity in 30 countries and a workforce of over 13,000.