Suzlon Posts Q3 FY21 Results, Records Loss of Rs 118 Crore

Suzlon Bags 25.2 MW Wind Project in Karnataka

Suzlon Group has reported its Q3 FY21 results, the firm has witnessed a steady growth in revenue and production/ installation capacity.

Suzlon Group, one of India’s largest wind energy developers and renewable energy solutions provider, has reported its third-quarter results for the financial year 2020-21 (Q3 FY21). The theme of the quarter for the firm has been ramping up operations and getting business back on track, as witnessed by the steady growth in revenue and production/ installation capacity.

The firm has reported that its revenue for the quarter was Rs 937 crore. With an EBITDA of Rs 136 crore, and a margin of 14.5 percent.

Ashwani Kumar, CEO, Suzlon Group also highlighted that the theme of the quarter has been ramping up of operations and getting business back on track. 

“This quarter, we were able to increase our pace of turbine supply to service our order book. The improvement in revenues quarter on quarter is encouraging and a sign that we are moving in the right direction. Further, the demand for renewable energy has risen all over the world and the next decade looks extremely promising for the sector. We are encouraged by the continuous support of the government to renewable energy as reflected in the recent Union Budget,” he said.

The firm has also reported a Profit After Tax (PAT) of -118 crore in the quarter. However, the losses reported have shrunk by a big margin YoY from Q3 FY 20, when the firm reported a revenue of Rs 654 crore, and a loss of Rs 740 crore, and an EBITDA of Rs –169 crore.

Swapnil Jain, CFO, Suzlon Group said that “in the Q3 results we maintain a clear improvement in EBITDA over last year. As is evident from the results, our initiatives of cost optimisation, organisational realignment and ramping up execution are yielding the desired outcomes. Our manufacturing operations have resumed in line with all precautions of the COVID-19 pandemic and our service business continues to do well with wind farms under our service functioning without interruption.”

For the first three quarters of the year, the firm has reported a revenue of Rs 2175 crore, which is lower than the 9M FY 20 (Rs 2290 crore). However, in that same period, the firm has reported a much higher gross profit of Rs 1203 crore, compared to Rs 840 crore in FY20, the year in which the firm was really struggling to stay afloat, as evident from its net profit figures.

The firm has dropped its Net Profit (Pre Ex. Items) / Loss from -1802 crore in the first nine months of the last fiscal to Rs – 649 crore this fiscal. And actual profit of Rs 158 crore (Post Ex. Items) this fiscal so far, against the Rs 1858 crore loss last year.