Suzlon Energy reported a decline of 71 per cent in its consolidated net profit at Rs 70.68 crore for the quarter ended September 2017 due to lower revenues.
The company’s consolidated net profit stood at Rs 243.75 crore in the quarter ended September 30, 2016, Suzlon Energy Ltd said in a BSE filing.
Total income dropped to Rs 1,214.81 crore in the quarter from Rs 2,761.28 crore a year ago.
The company’s consolidated net profit during April- September period this year was Rs 118.52 crore. The company had suffered a loss of Rs 19.65 crore in the corresponding period of the previous fiscal.
Its revenue in first half of this fiscal was down at Rs 3,915.93 crore from Rs 4,430.94 crore a year ago.
“Indian government’s commitment to Renewable Energy remains intact and we strongly believe that the long term fundamentals of the wind industry are sound,” Suzlon Group CEO J P Chalasani said.
“We are confident that the industry is likely to regain its momentum with 6 GW+ volume expected in FY19. It will soon migrate towards a 10 GW market size. Going forward, we are well positioned to capitalise on the market opportunities,” he added.
Source: PTI