Suzlon Energy drops after reverse turnaround in Q1

Suzlon Energy skidded 6.67% to Rs 16.10 at 12:15 IST on BSE after the company reported consolidated net loss of Rs 259.97 crore in Q1 June 2016 compared with net profit of Rs 1014.34 crore in Q1 June 2015.

The result was announced yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 32.51 points, or 0.11%, to 28,321.03.

More than usual volumes were witnessed on the counter. On BSE, so far 62.86 lakh shares were traded in the counter, compared with an average daily volume of 43.11 lakh shares in the past one quarter. The stock hit a high of Rs 16.60 and a low of Rs 15.65 so far during the day. The stock hit a 52-week high of Rs 25.25 on 2 November 2015. The stock hit a 52-week low of Rs 12.80 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 4.23% compared with 0.71% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 0.29% as against Sensex's 6.45% rise.

The mid-cap company has equity capital of Rs 1004.88 crore. Face value per share is Rs 2.

Suzlon Energy's total income dropped 36.81% to Rs 1668.94 crore in Q1 June 2016 over Q1 June 2015. The company's order book stands at 1,250 megawatts (MW) valued at Rs 7657 crore as on 30 June 2016. The consolidated customer advance stood at over Rs 1000 crore. The 55% of order book is resulting from new products, company added.

The Q1 June 2016 result is not directly comparable to Q1 June 2015 as Q1 June 2015 result included exceptional one time gain of Rs 1289 crore and one month of Senvion performance.

The Suzlon Group is one of the leading renewable energy solutions providers in the world with an international presence across 19 countries. The company has recently forayed into the solar space.

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