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Suzlon Energy Q3 loss widens to Rs 743 crore
Credit: PTI | Feb 12, 2020 | economictimes.indiatimes.com ~~
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Suzlon Energy on Wednesday reported widening of consolidated net loss to Rs 742.91 crore in December quarter mainly on account of lower revenues.
The company had reported a net loss of Rs 40.07 crore in the year-ago period.
Total income from operations declined to Rs 672.99 crore in the quarter ended on December 31, 2019, from Rs 1,112.34 crore a year ago, the company said in a filing to the BSE.
Consolidated net loss for April-December rose to Rs 1,857.62 crore from Rs 1,242.55 crore in the corresponding period of 2018-19. Its consolidated net loss for 2018-19 stood at Rs 1,537.19 crore.
“Our WTG (wind turbine generator) business operations continue to be at a subdued level with nominal allocation of capital as we are working towards a holistic debt resolution with the lenders consortium. Our operation and maintenance services (OMS) business continues to deliver strong profitability and high machine performance for the customers,” Suzlon Energy CFO Swapnil Jain said.
The forging and foundry business continues to deliver good performance and is currently earning almost 100 per cent of its revenues from external customers, he added.
“Liquidity constraints continue to impede our operations, and we continue to focus on cost optimization across the board including cost of goods sold (COGS) and fixed costs. We are diligently working with our lenders towards a holistic debt resolution and fixing the capital structure,” Jain said.
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