Suzlon posts net loss of Rs 28 cr in December quarter
Suzlon Energy reported a net loss of Rs 28 crore for the third quarter of the current financial year. The loss was less than external estimates. The company had posted a net profit of Rs 282.5 crore in the same quarter of the previous fiscal. Suzlon delivered 316 MW in Q3FY18. Income from operations was down 33% Y-o-Y to Rs 2,204 crore while total income declined 33% to Rs 2,237.37 crore. Operating losses was at Rs 42.67 crore during Q3FY18, compared with a profit of Rs 310 crore in the year-ago period. EBITDA (pre-FX) was at Rs 247 crore. The total order backlog stood at 1,132 MW as on date, with 667 MW firm orders backed by PPAs and 455 MW with signed PPA awaiting PPA ratification.
“In spite of the transition year, we have managed to achieve healthy volumes,” Kirti Vagadia, group CFO (GCFO), said: “Our cost optimisation efforts, along with disciplined approach on cash flows and liabilities and tighter cost control, are reflected in our Q3 performance.” With a robust project pipeline and customer tie-ups, Vagadia was confident of quickly ramping up volumes. Priority at Suzlon was on building strong order backlog, optimise costs and maintain disciplined working capital levels, the GCFO said.
JP Chalasani, group CEO, was confident of the industry regaining momentum as there was a clear business visibility of 7.5 GW even before the start of the next financial year. Suzlon is well positioned to capitalise on these market opportunities.