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Suzlon Energy Reports Q1 Net Loss Narrows To INR 337 crore

Power News - Published on Mon, 19 Aug 2019

Image Source: MOney Control
Suzlon Energy's consolidated net loss narrowed to INR 336.88 crore in the June quarter, on account of lower expenses. The company had reported a loss of INR 575.10 crore in the corresponding period of the previous financial year. Its total expenses in the April-June 2019 quarter declined to INR 1,178.39 crore as compared with INR 1,866.04 crore in the year-ago period. The firm's total income dropped to INR 851.09 crore, compared with INR 1,289.94 crore a year ago.

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

Suzlon Energy Group Chief Executive Officer Mr J P Chalasani said in a statement that "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 division continues to deliver high machine performance for the customers, surpassing industry benchmarks.

Suzlon Energy Group Chief Financial Officer Mr Kirti Vagadia said that "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, fixed costs, working capital and thereby curtailed losses in this lean period."

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Posted By : Ratan Singh on Mon, 19 Aug 2019
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