Suzlon Energy Net Loss Widens to Rs 777 cr in Q2 2019

Suzlon Energy has reported a widening of its consolidated net loss to Rs 777.52 crore in Q2 2019.

Suzlon Energy on November 14, 2019, reported widening of its consolidated net loss to Rs 777.52 crore in the quarter ended September 30, 2019 (Q2 2019). The company had reported a net loss of Rs 625.76 crore in the corresponding quarter last fiscal, Suzlon Energy said in a BSE filing.

Its revenue from operations fell to Rs 803.09 crore during the quarter under review as against Rs 1,194.99 crore in the year-ago period. The company’s total expenses were at Rs 1,551.16 crore as against Rs 1,850.28 crore in the same period of preceding fiscal.

“The sector is witnessing issues on project execution due to some policy issues but there has been some healthy growth in installations over the last year. Wind capacities added in India in H1 2019-20 was at 1,304 MW as compared to 569 MW in H1 2018-19,” Suzlon Group CEO J P Chalasani said in a separate statement.

“Our operations are at a subdued level with a minimal allocation of funding as we are trying to fix our capital structure,” he added.

In August, the debt-laden firm reported its financial results for the first quarter of the fiscal. The company reported that for the quarter ended June 30, 2019, its consolidated net loss narrowed to Rs 336.88 crore in the 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.  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.

In October, the energy firm specifically denied all reports suggesting that it has filed for bankruptcy and that it will soon be approaching the National Company Law Tribunal (NCLT).