Suzlon Energy hit a 52-week low of Rs 12.80, down 6%, extending its 12% decline of the past three trading sessions, after the company reported Rs 374 crore consolidated loss before exceptional items and tax in September quarter (Q2FY18). It had reported profit of Rs 251 crore before exceptional items and tax in a year ago quarter.
The consolidated net profit of the company declined 71% to Rs 71 crore for Q2FY18 against Rs 244 crore in previous year quarter due to lower revenues. Total income dropped to Rs 1,214.81 crore in the quarter from Rs 2,761.28 crore a year ago, as transition period impacted volume, Suzlon Energy said in a filing.
Meanwhile, according to media reports, the company’s workers have staged a dharna as rotor blade unit (RBU) declared lockout.
“The lockout was initiated to hinder the unruly action and behavior of certain workers who had caused hindrance in the smooth working of the plant. After several attempts and exploring various peaceful solutions to the resolve the matter, the company was constrained and compelled to give notice to suspend operations and declare a lockout, effective from Nov 29, 2017, at the RBU to safeguard the people and property,” Suzlon Energy said in a clarification on news
Apart from Padubhidri, the company has rotor blade manufacturing units across 6 other locations. Thus, the shutdown of the unit will not affect business operations, it added.
At 11:49 AM; the stock was trading 4% lower at Rs 13.15 on the BSE, as compared to 0.73% rise in the S&P BSE Sensex. A combined 57.62 million shares changed hands on the BSE and NSE so far.