Suzlon triples profits as Indian wind group hails 'best Q1 in a long time'

India’s Suzlon tripled its profits in the first quarter of its financial year as the wind turbine manufacturer continued its resurgence in its home market.

Suzlon posted a net profit of 3bn rupees ($35m) for the three months to June 30, a 200% increase on the same period a year earlier. Revenues were 50% higher at 20bn rupees.

Deliveries hit a seven-year quarterly high of 274MW, Suzlon said.

Suzlon recently appointed global automotive industry veteran Gurpratap Boparai as its new manufacturing chief in a move it said would boost its production operations.

The group is trying to take advantage of buoyant market conditions underpinned by the renewable energy targets of the government of Narendar Modi, which wants to see 500GW in place by 2030.

Suzlon’s competition includes Chinese giant Envision, which has taken the Indian market by storm over recent years, as well as local competitors such as Inox Wind and western players like GE Vernova.

Suzlon CEO JP Chalasani said the period represented “one of our best Q1 performances in a long time. We continued our strategic focus of strengthening our operational performance across businesses and building the leadership bandwidth.

“However, our top priority remains timely execution of our robust order book while upholding the highest standards of quality and ESG.”