Suzlon Energy Posts Net Loss at Rs 625.76 Cr in Sept Quarter

However, it’s consolidated total income from operations grew to Rs 1,221.89 crore during Q2 2018-19, as compared to Rs 1,179.07 crore during the same period last year.

Leading wind turbine maker Suzlon Energy reported its consolidated net loss after tax at Rs 625.76 crore in the July-September quarter of FY19.

“The consolidated net profit after tax of the company stood at Rs 79.68 crore during the same period a year ago,” said Suzlon Energy in a filing to the Bombay Stock Exchange.

However, it’s consolidated total income from operations grew to Rs 1,221.89 crore during Q2 2018-19, as compared to Rs 1,179.07 crore during the same period last year.

The total expenses of the company rose significantly to Rs 1,850.28 crore, against Rs 1,553.36 crore in the year-ago period.

During H1 FY19, it has posted a net loss of Rs 1,199.05 crore where as the net profit was at Rs 143.34 crore for the first half year ended September 30, 2017. Total income is Rs 2,511.83 crore for the first half year ended September 30, 2018 whereas the same was at Rs 3,785.94 crore for the first half year ended September 30, 2017.

Commenting on the performance, Suzlon Group, CFO, Kirti Vagadia said, “Our Q2 FY19 performance is impacted due to elongated transition phase as our volumes continue to remain subdued. We remain focused on cost optimization across the board including COGS and fixed costs, in order to remain more competitive in this changed market scenario. There has been a reduction in the net working capital of Rs.402 crores during Q2 FY19. Results of Q2 was also affected by forex fluctuation which is non-cash and translational in nature.”

“We successfully completed India’s first SECI 1 wind power project of 250 MW for Sembcorp Energy India Limited (SEIL) at Chandragiri in Tamil Nadu. We are the only EPC player to have completed the entire project as per the original timelines and 6 months ahead of SECI’s revised timelines. We also crossed a milestone, with installed capacity of over 12 GW in India and over 18 GW globally. On the technology front, we installed and commissioned the first prototype of S120 – 140m – India’s tallest Wind Turbine Generator (WTG) with a Hybrid Concrete Tubular (HCT) Tower. Indian wind industry is on a growth trajectory with ~10 GW of capacity already auctioned and another 10 GW expected to be auctioned in FY19. Industry is set to grow from FY20 onwards as projects won earlier, will be executed and new bids are in the pipeline,” said J P Chalasani, Group CEO, Suzlon.