On Tuesday, Suzlon declared its quarter result and reported a Rs. 260 crore consolidated loss in the April-June period as compared with a restated profit of Rs1,014 crore in the Q1 a year ago on account of lower income from operations. Suzlon said that the income from operations declined 37% to Rs. 1,655 crore during the quarter under review as against a year ago. As soon as the market opened for trade today, after Tuesday’s holiday, Suzlon share price tanked by around 9%.
The company’s EBITDA margin, an indicator of operating profitability, stood at 10.4% for the June quarter in comparison to 10% for the year-ago period. Finance costs slipped to Rs. 304 crore in the first quarter of this financial year from Rs. 417 crore in the corresponding quarter last financial year.
The company said that net profit for the previous comparable quarter was revised lower from the Rs1,047 crore as the company has taken into use the new accounting standards called Ind AS that is compatible with International Financial Reporting Standards.
The company reported a wind turbine order book of 1,205 MW for the ongoing year. In the first quarter, it has delivered equipment for 204 MW. First quarter usually represents about 10-15% of the entire year’s volumes.
Suzlon is very optimistic on the growth of renewable in India. The country had seen record renewable energy installations in FY16, and the industry will surpass it by over 30% in the current financial year. Combined, the wind and solar capacity has surpassed hydro capacity and is only next to coal-based capacity in India.
The company is now extending into other sources of renewable energy like solar. It has acquired bids for 515 megawatts (MW) of projects and has signed power purchase agreements with distribution companies for 340 MWs. The projects are in the states of Telangana, Rajasthan, Jharkhand and Maharashtra.
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