After emerging as one of the richest Indians, Suzlon Energy chairman and managing director, Tulsi R Tanti, hopes that his company will enter the billion-dollar club by next year.
Tanti, who emerged as the fourth richest Indian displacing Shiv Nadar of HCL Technologies two months ago, said the wind energy company would be able to record income of $1 billion (Rs 4,800 crore) by March, 2007.
He said the company expected an 80 per cent rise in topline this year and thereafter 30-40 per cent compounded annual growth rate (CAGR) could be maintained.
If that were to happen the company would end up this year with an income of nearly Rs 3,500 crore (Rs 35 billion) compared with Rs 1,940 crore (Rs 19.40 billion) last year. Thus, a less than 40 per cent growth would take the company to the billion-dollar club, that comprises 37 companies now.
Suzlon would be able to record a net profit of Rs 960 crore (Rs 9.60 billion) at the end of next financial year as he said the net margin in the business was 20 per cent.
The growth in topline was even steep last year. Total income grew 141 per cent from Rs 804 crore (Rs 8.04 billion) in 2003-04 to Rs 1,940 crore in 2004-05.
He said the company had an order of Rs 1,250 crore (Rs 12.50 billion) in the US, China and South Korea. The company is expanding its base includes Europe, Australia and New Zealand.
The Suzlon stock today closed at Rs 813.35 on the Bombay Stock Exchange, nearly one per cent lower than yesterday's closing price of Rs 821.50.
Tanti, a textile baron, had commissioned a wind energy solution for his company a decade back. Convinced about the economics of the deal, he later decided to venture full-steam into the business. Azim Premji, Ambani family and Sunil Mittal are ahead of him in the list of richest Indians.
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