Suzlon Energy shares tanked as much as 9.28 per cent intraday on Wednesday after the company posted a consolidated net loss of Rs 259.97 crore for the quarter ended June 30, 2016 against net profit of Rs 1014.34 crore in the same quarter last year. Total income from operations of the company slipped to Rs 1655.09 crore for the quarter under review against Rs 2609.05 crore in the same quarter last year. Consolidated total expenditure of Suzlon Energy fell by 36.24 per cent to Rs 1615.90 crore for the quarter ended June 30, 2016 against Rs 2534.44 crore in the same quarter last year.
At 9.47 am, shares of Suzlon Energy were trading 6.09 per cent down at Rs 16.20. The scrip opened the day at Rs 16.60 and has touched a high and low of Rs 16.60 and Rs 15.65, respectively, in trade so far. Later, the scrip ended 6.96 per cent down at Rs 16.05.
For April-June period, the company’s standalone net loss widened to Rs 362.23 crore against Rs 128.41 crore in the same period last year.
Kirti Vagadia, group chief financial officer (CFO), Suzlon Energy in a release said, “In FY17, we are focused on ramping up volumes by executing our strong order backlog, ensuring that we continue to maintain tighter control on our working capital and fixed costs. We are also adequately capitalised to deliver high volume in the coming quarters. Our long term debt and overall finance cost is progressively reducing. The introduction of new accounting regime in form of IND AS mainly reflects in two major areas namely foreign exchange (FOREX) and impact of Right of Recompense (RoR) on a potential Corporate Debt Restructuring (CDR) exit scenario.”