Suzlon Energy posts consolidated net loss at Rs 469 cr in March quarter

Suzlon Energy reported a consolidated net loss of Rs 469.85 crore in the quarter ended March 2018 mainly due to lower income.

The company posted Rs 588.75 crore consolidated net profit in the quarter ended March 2017, a Suzlon Energy statement said.

According to the statement, the company’s total income from operations was Rs 2,259.71 crore in March quarter down from Rs 5,023.84 crore year ago.

The company’s consolidated net loss in 2017-18 stood at Rs 384.01 crore while it had earned a profit of Rs 851.64 crore in the previous financial year.

Besides, the board in its meeting also approved the proposal for issuance of redeemable non-convertible debentures/non-equity linked instruments in one or more tranches to an extent of Rs 900 crore on private placement basis for replacement of existing debt.

The board also approved the proposal for issuance of equity shares/equity linked instruments to an extent of Rs 2,000 crore, subject to the approval of the shareholders at the ensuing 23rd annual general meeting of the company.

Tulsi Tanti, Founder and CMD, Suzlon, said with over 34 GW installations, the Indian wind sector is highly mature and is geared to unlock the 300 GW potential.

“There is traction across all new and emerging segments in the sector as evidenced in several positive policy actions for offshore, wind-solar hybrid, repowering, captive, and feed-in-tariff for small projects upto 25 MW.

“At Suzlon, our R&D efforts will continue to focus on leveraging technology for developing products with higher energy yield, reducing levelised cost of energy and maintaining our cost competitiveness,” he said in a statement.