Suzlon Energy posts Q2 net loss at Rs 625.76 cr

Wind turbine maker Suzlon Energy Wednesday reported a consolidated net loss of Rs 625.76 crore in the quarter ended September.

The company had reported a net profit of Rs 79.68 crore in the corresponding quarter last fiscal.

Its total income rose to Rs 1,194.99 crore, from Rs 1,151.28 crore in the year-ago period.

The company reported a forex loss of Rs 347.52 crore during the quarter, against Rs 99.04 crore a year ago.

"Our Q2 FY19 performance is impacted due to elongated transition phase as our volumes continue to remain subdued. We remain focused on cost optimisation across the board including cost of goods sold and fixed costs, in order to remain more competitive in this changed market scenario," said Kirti Vagadia, group chief financial officer, Suzlon Energy.

He further said there has been a reduction in the net working capital of Rs 402 crore during the quarter.

"Results of Q2 was also affected by forex fluctuation, which is non-cash and translational in nature," he added.

The company's net term debt stood at Rs 6,803 crore, while the working capital debt was Rs 3,395 crore.

It has an order backlog of 1,057 MW at present.

Suzlon Energy group chief executive officer JP Chalasani said the firm is well positioned in the auction regime with orders of 1,413 MW from the already concluded auctions and are in discussion with customers for incremental orders for the untied capacity of 3 GW in the recently concluded auctions.

It's stocks ended the day 3.49 per cent lower at Rs 5.81 apiece on the BSE, against a marginal 0.01 per cent fall in the benchmark.