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Suzlon Energy Q3 loss widens to Rs 743 crore  

Credit:  PTI | Feb 12, 2020 | economictimes.indiatimes.com ~~

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.

Source:  PTI | Feb 12, 2020 | economictimes.indiatimes.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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