Suzlon Energy posts consolidated profit of Rs 3.64 crore in June quarter

Suzlon Energy has reported a consolidated net profit of Rs 3.64 crore for the quarter ended June.

The company had reported a consolidated net loss of Rs 398.86 crore in the same quarter of the previous fiscal, it said in a BSE filing.

Total income rose to Rs 1,148.61 crore in the quarter from Rs 528.22 crore in the same period a year ago.

The company also said the agenda pertaining to the enabling resolution for issue of securities to an extent of Rs.1,000 crore has been dropped.

"The Q1 of FY22 was impacted by the second wave of the Covid-19 pandemic, making it difficult to ramp up execution. Rising global demand has 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. We have maintained our quarter on quarter (QoQ) performance and we continue to keep a strict control on costs," Suzlon Group Chief Executive Officer Ashwani Kumar said.

Even in difficult times, the order book stands at a healthy 978.2 MW, he added.

Overcoming the challenges of Covid-19, the Operations and Maintenance Service (OMS) business continued to deliver good turbine performance, he noted.

"In line with our recent announcements, I would like to welcome Himanshu Mody on-board as the Chief Financial Officer of the Suzlon Group. Himanshu has an impressive track record with significant experience in the infrastructure sector and enjoys the good-will of the industry.

"I am confident that Himanshu will add great value to our journey towards building a sustainable and stronger Suzlon in years to come," Kumar added.