Mumbai: Suzlon Energy Ltd, the world's fourth-largest wind turbine maker, on Thursday said its quarterly net profit almost doubled on rising orders, despite a foreign exchange loss and sale reversals.
However its total order book fell to Rs 16490 crore ($3.9 billion) from Rs 18000 crore reported in May.
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Suzlon, which has manufacturing units in India, China, United States and Belgium, said June quarter consolidated net profit was Rs 39.38 crore, compared with Rs 20 crore reported a year ago.
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Net profit after share in associate's profit and minority interests fell to Rs 1.35 crore from Rs 18.89 crore, the firm said.
Suzlon said that number reflected its share in REpower's profit for the March quarter, as REpower numbers are included with a three-month lag.
REpower, now a subsidiary of Suzlon, was treated as an associate in the March quarter as the Indian firm owned only 30 per cent then, it said.
Suzlon said its June quarter net profit was hurt by foreign exchange losses of Rs 146 crore, as the rupee's 6.8 per cent fall against the dollar in the quarter affected the value of foreign debt issues.
Sales worth Rs 65 crore booked in the March quarter were reversed, eroding June profit by Rs 11 crore.
Producers of renewable energy equipment are gaining as climate change concerns prompt countries to tighten greenhouse emissions.
The Global Wind Energy Council says wind could supply 12 per cent of the world's electricity needs by 2020, compared with just 1 per cent in 2007.
Suzlon competes with Denmark's Vestas, the world's leading wind turbine maker, Spain's Gamesa, US company General Electric and Germany's Enercon.
Suzlon shares fell 18.1 per cent in the quarter, compared to a 14 per cent drop in the benchmark index.
