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Suzlon Energy: Supply bottlenecks - Views on News from Equitymaster
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Suzlon Energy: Supply bottlenecks
May 15, 2007

Wind power equipment major, Suzlon Energy, has announced mixed results for the fourth quarter and full year ended March 2007. For FY07, on a consolidated basis, while topline has grown by 108% YoY, bottomline has taken a drubbing in recording a mere 14% YoY growth. Pressure on net profits has been on account of a sharp contraction in operating margins and higher depreciation and interest costs. Operating margins have been impacted owing to significantly higher raw material and staff costs during the fiscal. Investors should, however, note that these pressures have been inflicted largely on account of integration of Hansen, which Suzlon has acquired in FY06. As a result, the consolidated results of FY07 are not strictly comparable to those of FY06. Against our estimates, while Suzlonís topline is 9% higher, its net profits are 8% lower. The board has recommended a dividend of Rs 5 per share (dividend yield of 0.4%).

Financial performance snapshot
Consolidated Standalone
(Rs m) 4QFY06 4QFY07 Change FY06 FY07 Change FY06 FY07 Change
Sales 15,263 29,159 91.0% 38,410 79,857 107.9% 37,885 53,804 42.0%
Expenditure 11,297 24,206 114.3% 29,758 66,899 124.8% 28,667 41,861 46.0%
Operating profit (EBDIT) 3,966 4,954 24.9% 8,652 12,958 49.8% 9,218 11,943 29.6%
Operating profit margin (%) 26.0% 17.0% 22.5% 16.2% 24.3% 22.2%
Other income 338 463 37.0% 745 965 29.6% 693 881 27.2%
Interest 133 972 631.1% 508 2,523 397.0% 425 893 110.1%
Depreciation 277 600 116.3% 716 1,718 140.0% 459 735 60.2%
Profit before tax 3,894 3,846 -1.2% 8,173 9,683 18.5% 9,027 11,196 24.0%
Tax 141 256 81.0% 568 1,035 82.1% 815 584 -28.3%
Profit after tax 3,753 3,590 -4.3% 7,605 8,648 13.7% 8,212 10,611 29.2%
Minority interest (37) 0 - (10) (8) - - - -
Net income 3,715 3,590 -3.4% 7,595 8,640 13.8% 8,212 10,611 29.2%
Net profit margin (%) 24.6% 12.3% 19.8% 10.8% 21.7% 19.7%
No. of shares (m) 287.7
Diluted earnings per share (Rs) 30.0
P/E ratio (x) 38.0

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