Suzlon sells block of wind assets; stocks down

Stocks

oi-Sneha

By Sneha B K

Published: Wednesday, April 4, 2012, 11:35 [IST]

Suzlon energy, the worlds fifth largest wind turbine maker, announced the sale of a block of wind assets to raise US$ 40 million (Rs. 200 crore).

Speaking on the development Mr. Kirti vagadia, Chief financial officer said “ I am pleased to announce that we are divesting in certain non core assets and ares et to raise approximately US$ 40 million as per our plan outlined in February this year. In addition to divesing these non-core assets, we believe our consistently improving business performance and outlook, particularly our strong revenue visibility for FY13, puts us in strong position as we begin new fiscal.”

Suzlon Group reported its highest-ever order-book in February 2012 at US $7.5 billion, with a strong pipeline for FY13. It was backed by consistent gross profit levels over 30%, an EBIT margin of 7%, and year on year growth of over 30% over the course of CY2011, underscoring overall business momentum.

The shares of the company were trading marginally lower by 1.36% at Rs 25.30 on BSE at 11.25 pm IST. It had reached intra day high of Rs 25.90 and intraday low of Rs 25.5.

GoodReturns.in