Performance Update by Suzlon Group

Suzlon Group,announced its results for the third quarter (Q3) of financial year 2013-14. Mr Tulsi Tanti, Chairman - Suzlon Group, said: "While we have made important progress on some fronts, this has been a disappointing quarter in terms of operating performance, and there remains much work to be done.

"We are strategically positioning the business to take advantage of new opportunities, and as part of this, we are reorganizing our India 'Operations and Maintenance Services' vertical into a separate company. The step will help build on our long track record of best-in-class service, value added services and focus on customer excellence; and also be able to independently scale to respond to new growth opportunities in this space. With the global wind market independently projected to come back strongly over the next year, particularly with India expected to achieve over 30 per cent growth with the reinstatement of GBI, we see a strong outlook for the sector and for the Group."

Mr Kirti Vagadia, Group Head of Finance, said: "This has been another very challenging year for the Group, with difficult external conditions acting as a constraint on performance. However, key indicators have started to move in the right direction. We have booked 913 MW.

Highlights:

• Total revenues at Rs 13,631 cr/~US$ 2,188 mn for 9M FY14
• Rs. 5,010 cr /~US$ 804 mn in Q3 FY14, 25% YoY growth
• Net working capital reduced to 8.3% of sales at Q3 14
• Strong order momentum: Rs 8,611 cr in new orders over Q3 14
• Suzlon Group reaches ~23.5 GW in cumulative installed capacity
• Suzlon India installations cross 8 GW o Senvion installations cross 10 GW worldwide
• India OMS to be reorganized into separate company within Group
• Group-subsidiary REpower Systems SE rebranded Senvion SE
• Strengthening offshore portfolio, launched 6.2M152 turbine