Suzlon posts loss of Rs 79 crore, Q1 turnover at Rs 1,135 crore
India’s largest renewable energy solutions provider Suzlon has reported a net loss of Rs 79 crore in the quarter ended June on a revenue of Rs 1,135 crore.
In Q1 FY21, it had posted a net loss of Rs 384 crore on a revenue of Rs 513 crore.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled Rs 154 crore in Q1 FY22 with EBITDA margin of 13.57 per cent. Earnings before interest and taxes (EBIT) were at Rs 96 crore.
Ashwani Kumar, Chief Executive Officer, said the Q1 of FY22 was impacted by second wave of Covid-19 pandemic, making it difficult to ramp up execution. Rising global demand disrupted the supply chain, impacting availability and prices across the value chain.
“Steep increase in steel prices by nearly 73.8 per cent in a year has adversely impacted our margins. Despite that, we are keeping our operations on track and continuing to build on the foundation that we created in FY21.”
Kumar said the company continues to keep a strict control on costs. The order book stands at a healthy 978.2 MW.
Suzlon also announced that in continuation to its announcement of February 7, 2019, it has finalised an additional order of 226.8 MW from Adani Green Energy.
The order will be for the same model of product (wind turbine generators) and at the same site in Gujarat. The commissioning of the same will be done in phases in CY 2022.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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