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Suzlon Energy: Growth pangs - Views on News from Equitymaster
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Suzlon Energy: Growth pangs
Jan 29, 2007

Wind power equipment major, Suzlon Energy, has announced mixed results for the third quarter and nine-months ended December 2006. For 3QFY07, on a consolidated basis, the company has reported 117% YoY growth in topline. However, operating margins have contracted by 3.7% during the quarter, mainly owing to higher staff costs and stock-related adjustments, while raw material costs have declined (all costs as percentage of sales). Consequently, the net profits have recorded a relatively muted 29% YoY growth during the quarter. The performance for the nine-months period has been almost similar, with topline and bottomline growing by 119% YoY and 30% YoY respectively.

Consolidated financial performance: A snapshot…
(Rs m) 3QFY06 3QFY07 Change 9mFY06 9mFY07 Change
Sales 8,806 19,139 117.3% 23,147 50,698 119.0%
Expenditure 7,307 16,593 127.1% 18,461 42,693 131.3%
Operating profit (EBDIT) 1,500 2,546 69.8% 4,686 8,005 70.8%
Operating profit margin (%) 17.0% 13.3%   20.2% 15.8%  
Other income 277 254 -8.3% 406 502 23.4%
Interest 112 638 469.1% 375 1,551 313.9%
Depreciation 163 343 110.6% 439 1,118 155.0%
Profit before tax 1,502 1,820 21.2% 4,279 5,837 36.4%
Tax 162 93 -42.8% 427 779 82.5%
Profit after tax 1,340 1,727 28.9% 3,853 5,058 31.3%
Minority interest 9 17 - 27 (8) -
Net income 1,349 1,744 29.2% 3,880 5,050 30.2%
Net profit margin (%) 15.2% 9.0%   16.6% 10.0%  
No. of shares (m)       287.5 287.7  
Diluted earnings per share (Rs)*         30.5  
P/E ratio (x)*         39.8  
*On a trailing 12-months basis            

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