Suzlon’s Q1 net loss swells to Rs 399 crore on low volumes

Mumbai (Maharashtra) [India], Aug 29 (ANI): India’s largest renewable energy solutions provider Suzlon widened its net loss to Rs 399 crore in the April to June quarter from Rs 326 crore in the same period of previous fiscal.
Revenue from operations in Q1 FY21 declined to Rs 513 crore from Rs 833 crore in Q1 FY20 due to low volumes amid the COVID-19 pandemic and implementation of a debt restructuring, which impacted the wind turbine business.
However, the company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) moving up to Rs 91 crore in the quarter ended June from Rs 42 crore in the corresponding period of previous financial year.
The EBITDA margin improved to 17.7 per cent from 4.9 per cent due to optimisation of manpower and operating expenses cost.
Chief Operating Officer V R Tanti said the company has started securing new orders and has a healthy order book of 867 megawatt.
“We are strongly positioned to resume the wind turbine generation business and execute our order book. We have also reorganised the business to suit the new market paradigm, which has helped in significant reduction of our break-even levels making us even more competitive,” he said in a statement.
(ANI)