Suzlon second quarter net profit dips 95 percentOctober 31st, 2008 - 8:23 pm ICT by IANS
New Delhi, Oct 31 (IANS) Wind turbine major Suzlon Energy on Friday said its net profit declined 95.22 percent to Rs.169.8 million for the second quarter ended Sep 30, as against Rs.3.56 billion in the corresponding period last fiscal. The total income rose to Rs.22.34 billion for the quarter under review, from Rs.15.95 billion for the corresponding quarter last year.
The company posted a net profit of Rs.1.05 billion for the first half this fiscal, a decline by 76.39 percent against the corresponding period last fiscal.
Total income increased to Rs.37.07 billion for the six-month ended Sep 30, from Rs.25.35 billion for the corresponding period a year ago.
Suzlon Energy said its board of directors has decided to drop plans to invest in new tower manufacturing facility and accordingly the total capex plan would stand reduced by Rs.6.69 billion.