Suzlon Consolidated Net Loss For Q4 Reduces to Rs 295 Cr

Suzlon Bags 25.2 MW Wind Project in Karnataka

Suzlon reported that its consolidated net loss for the last quarter of the year has reduced to Rs 294.64 crore, a drop of more than Rs 175 crore over the same period last year, Rs 469.85 crore.

Suzlon Energy recently issued its financial results for the financial year 2018-19 and the last quarter (Q4). Suzlon reported that its consolidated net loss for the last quarter of the year (Ending March 31, 2019) had reduced to Rs 294.64 crore, a drop of more than Rs 175 crore over the same period last year, Rs 469.85 crore.

The firm believes this drop in is mainly due to the lower expenses. On the other end, its consolidated net profit rose to Rs 1,537.19 crore in 2018-19 from Rs 384.01 crore in the preceding fiscal, the company said in a BSE filing. 

Total consolidated income from operations declined to Rs 1,450.47 crore in the fourth quarter of 2018-19, compared to Rs 2,189.18 in the year-ago period. Expenses in the March quarter also declined to Rs 1,706.03 crore from Rs 2,676.99 crore a year ago. Total income of the company from operations also slipped to Rs 5,074.64 crore in 2018-19 from Rs 8,195.37 in the previous fiscal. 

J P Chalasani, Group CEO, said, “We continued to maintain market leadership and deliver highest installations amidst a prolonged and challenging industry transition to the bidding regime. The achievement demonstrates our strong technical and project execution capabilities and over two decades of experience in the Indian market.”

“We continued our excellent track record in operation and maintenance service by achieving 97.48% machine availability, highest till date. FY20 is expected to be a relatively high volumes market with Central and State-level auctions in India. We are geared to capitalize on growth with our superior technology, vertically integrated operations and best-in-class services. We will continue our R&D efforts and remain at the forefront of developing technologically advanced and innovative wind turbines. We are committed to reducing our debt and are progressing well on strategic initiatives undertaken by the team.”

While the company’s consolidated net term debt stands at Rs 7,761 crore, it also commissioned 582 MW of wind power projects, the highest installation by any wind OEM during the fiscal.