Categories: Business

Suzlon's losses more than doubled to Rs 834.22 crore in fourth quarter, CEO resigns

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Suzlon loss widens to Rs 834.22 cr in March quarter

new Delhi. The integrated net loss of wind power turbine maker Suzlon Energy increased more than doubled to Rs 834.22 crore for the quarter ended March 2020. The company's losses have increased due to lower earnings and rising financial costs. The company had a loss of Rs 294.64 crore in the fourth quarter ended 31 March 2019 a year ago. The company has given this information in the regulatory information sent to the stock markets.

Operating income of the company declined to Rs 658.89 crore in the January to March 2020 period, compared to Rs 1,450.47 crore in the same period a year ago. The consolidated net loss of the company stood at Rs 2,691.84 crore for the entire financial year 2019-20 as against Rs 1,537.19 lakh crore a year ago in 2018-19. At the same time, the total revenue from operations of the company declined to Rs 3,000.42 crore in 2019-20, compared to Rs 5,074.64 crore in the previous year.

Suzlon Group CEO JP Chalasani said it was a challenging year. During the year, the functioning of the market was very low and only 20 percent of the capacity in the country could be utilized. Despite working capital tightness and debt restructuring process, the company installed 350 MW during 2019-20.

Chalasani said that now the market is moving towards reforms and the contracts for the auctions that have been held earlier are yet to be awarded. The company's net worth was negative at Rs 11,042 crore as on 31 March 2020. Meanwhile, the company's board of directors accepted the resignation of JP Chalasani, the group's chief executive officer (CEO). The company said that Chalasani has resigned from July 7, 2020. However, he will be associated with the company as a strategic advisor.

This post was published on July 7, 2020 1:24 pm

Content Team

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