Suzlon Energy Q1 net loss narrows to Rs 337 crore on lower expenses

Topics Suzlon Energy

Representative Image

Suzlon Energy's consolidated net loss narrowed to Rs 336.88 crore in the June quarter, on account of lower expenses.

The company had reported a loss of Rs 575.10 crore in the corresponding period of the previous financial year.

Its total expenses in the April-June 2019 quarter declined to Rs 1,178.39 crore as compared with Rs 1,866.04 crore in the year-ago period, according to a BSE filing.

The firm's total income dropped to Rs 851.09 crore, compared with Rs 1,289.94 crore a year ago.

In the January-March quarter this year, it had reported a loss of Rs 294.64 crore. The company had reported a net loss of Rs 1,537.19 crore in 2018-19.

Suzlon Energy Group Chief Executive Officer J P Chalasani said in a statement, "We continue to witness sectoral slowdown, owing to the prolonged industry transition to the bidding regime and policy uncertainty in few states. On the positive side, tariffs are stabilising and the volume growth in the long-term augur well for sustainable growth of the sector."

He said the company's operation and maintenance services (OMS) division continues to deliver high machine performance for the customers, surpassing industry benchmarks.

Suzlon Energy Group Chief Financial Officer Kirti Vagadia said, "Post default scenario, the company operations are at a sub-optimal level. However, we have continued to focus on cost optimisation across the board including cost of goods sold (COGS), fixed costs, working capital and thereby curtailed losses in this lean period."

The company's consolidated net term debt is Rs 7,751 crores, while its working capital debt is Rs 4,000 crore, it added.



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