Suzlon Energy Ltd's consolidated net loss narrowed down to Rs 270.55 crore for the quarter ended March 31, on higher sales and lower expenses.
Suzlon Energy Ltd’s consolidated net loss narrowed down to Rs 270.55 crore for the quarter ended March 31, on higher sales and lower expenses.
The company had posted a consolidated net loss after share in minority interest of Rs 1,212.06 crore in the year-ago period, Suzlon Energy said in a filing to the BSE.
Total income, however, fell to Rs 3,271.88 crore, from Rs 4,926.38 crore in the corresponding quarter of FY15, it said.
Total expenses of the company dropped significantly to Rs 2,972.50 crore, over Rs 5,278.68 crore in the year-ago period.
For the entire 2015-16 fiscal, the company posted a net profit of Rs 482.59 crore, against a net loss of Rs 9,157.69 crore in the previous financial year.
Tulsi R Tanti, Chairman and Managing Director, Suzlon, said, “We are back to profit, our commissioning increased by more than 100 per cent and we are confident of maintaining the growth with strong focus on execution. The Indian market is expected to increase by 30 per cent in FY17, and Suzlon will continue to outpace the industry.”
“Globally, the demand for renewables is growing with a record 64 GW installation and an investment of USD 329 billion during calendar year 2015. The demand for clean, sustainable and affordable power will continue especially in emerging markets,” Tanti said.
J P Chalasani, Group CEO, Suzlon, said, “FY16 performance demonstrates our resurgence with a strong and sustainable turnaround. Suzlon is best equipped to cater to the domestic demand and deliver on the government target of 60 GW wind by 2022. We continue to drive technology innovation in wind and introduce next generation turbines which brings down the Levelised Cost of Energy (LCOE).”
“Our S111 120 meter hybrid tower WTG prototype installed in Gujarat, India is delivering superior results leading to a commercial launch in this fiscal year,” Chalasani said.
In a statement, the company said that FY16 revenue moved up by 69 per cent to Rs 8,259 crore.
“Annual sales volume of 1,131 MW; Y-o-Y growth of 149 per cent,” it said adding that “FY16 order book stands at 1,243 MW valued at Rs 7,989 crore.”
Kirti Vagadia, Group Chief Financial Officer (CFO), Suzlon, said, “We started FY16 with a clear focus on profitability which we delivered by ramping up volumes and exercising better control over fixed cost.”
“We have significantly reduced our networking capital, optimised the debt maturity profile and maintained strong liquidity position throughout the year. We continue to demonstrate strong operational performance on every front including volume growth, commissioning and order intake,” Vagadia said.
Consolidated Net Debt (excluding FCCB) during FY’16 was at Rs 8,452 crore, down from Rs 14,570 crores in FY’15.