Suzlon loss widens to Rs 834 cr in March quarter due to lower revenues

The negative net worth of the group is Rs 11,042 crore as on March 31, 2020.
Suzlon Energy on Monday posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to lower revenues and high finance cost.

The consolidated net loss of the company was Rs294.64 crore in the quarter ended on March 31, 2019, a regulatory filing said. Total income from operations of the company declined to Rs 658.89 crore in the quarter under review from Rs 1,450.47crore in the year-ago quarter.

The consolidated net loss of the company in 2019-20 was Rs 2,691.84 crore as against Rs 1,537.19 crore in 2018-19. Total income from operations in 2019-20 dropped to Rs 3,000.42 crore from Rs 5,074.64 crore in2018-19.

The group continued to incur losses in 2019-20 primarily due to lower volumes, high finance cost and provisions for impairment, the company said.

The negative net worth of the group is Rs 11,042 crore as on March 31, 2020. The board in its meeting approved resignation of Group Chief Executive Officer J P Chalasani, the filing said.

The company said thatJ P Chalasani has resigned as the Group Chief Executive Officer of the Company with effectfrom July 7, 2020. However, it said that he will continue with the company as a Strategic Advisor.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel