Suzlon loss widens to Rs 834 cr in March quarter due to lower revenues

Suzlon Energy on Monday posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to lower revenues and high finance cost.

The consolidated net loss of the company was Rs294.64 crore in the quarter ended on March 31, 2019, a regulatory filing said. Total income from operations of the company declined to Rs 658.89 crore in the quarter under review from Rs 1,450.47crore in the year-ago quarter.

The consolidated net loss of the company in 2019-20 was Rs 2,691.84 crore as against Rs 1,537.19 crore in 2018-19. Total income from operations in 2019-20 dropped to Rs 3,000.42 crore from Rs 5,074.64 crore in2018-19.

The group continued to incur losses in 2019-20 primarily due to lower volumes, high finance cost and provisions for impairment, the company said.

The negative net worth of the group is Rs 11,042 crore as on March 31, 2020. The board in its meeting approved resignation of Group Chief Executive Officer J P Chalasani, the filing said.

The company said thatJ P Chalasani has resigned as the Group Chief Executive Officer of the Company with effectfrom July 7, 2020. However, it said that he will continue with the company as a Strategic Advisor.