Companies

Suzlon Energy net loss widens to ₹743 cr in Q3

PTI New Delhi | Updated on February 12, 2020

Suzlon Energy on Wednesday reported widening of consolidated net loss to ₹742.91 crore in December quarter mainly on account of lower revenues.

The company had reported a net loss of ₹40.07 crore in the year-ago period.

Total income from operations declined to ₹672.99 crore in the quarter ended on December 31, 2019, from ₹1,112.34 crore a year ago.

Consolidated net loss for April-December rose to ₹1,857.62 crore from ₹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.

Published on February 12, 2020

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