By Solar Times Bureau
Pune, India: Suzlon Group, India’s largest renewable energy solutions provider, announced its Q3 FY20 results.
J P Chalasani, Group CEO, said, “The industry is on a growth path and is going through gradual revival post the transition period. In calendar year (CY 2019) there has been an improvement in installations over the last year with ~1,800 MW of new wind capacities added in 9M FY20, taking the overall installed capacity to over 37,500 MW and contributing 44 percent of India’s installed Renewable Energy capacity. The Finance Minister’s plan to promote ‘smart metering’ and infusion of INR 22,000 crore for the Renewable Energy sector announced in the Union Budget is a welcome move that provides major boost to the clean energy sector.“
Swapnil Jain, CFO, said, “Our WTG business operations continue to be at a subdued level with nominal allocation of capital as we are working towards a holistic debt resolution with the lenders consortium. Our Operation and Maintenance Services (OMS) business continues to deliver strong profitability and high machine performance for the customers. Our Forging and Foundry business also continues to deliver good performance and is currently earning almost 100% of its revenues from external customers. Liquidity constraints continue to impede our operations, and we continue to focus on cost optimization across the board including cost of goods sold (COGS) and fixed costs. We are diligently working with our lenders towards a holistic debt resolution and fixing the capital structure.”
Suzlon Group Q3 FY20 financial performance at a glance (consolidated):
- Q3 FY20 revenue at Rs. 654 crores
- Pre-forex EBITDA : loss of Rs. 92 crores
- Reported net loss of Rs. 743 crores
Key highlights:
- Suzlon won the ‘Best Organisation for PoSH (Prevention of Sexual Harassment)’ award in the large size company category by KelpHR
- During the quarter, 632.1 MW has been considered as cancelled from the order book due to teething troubles of land, power evacuation and other constraints