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Suzlon Energy jumps after Q1 net loss narrows

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Suzlon Energy announced its Q1 June 2019 numbers after market hours on Wednesday, 14 August 2019.

Shares of Suzlon Energy rose 4.81% to Rs 4.36 at 12:01 IST on BSE.

Meanwhile, the S&P BSE Sensex was down 24.38 points or 0.07% to 37,287.15.

On the BSE, 8.19 lakh shares were traded in the counter so far compared with average daily volumes of 21.16 lakh shares in the past two weeks. The stock hit a high of Rs 4.46 and a low of Rs 4.12 so far during the day.

The stock hit a 52-week high of Rs 8.4 on 06 Mar 2019. The stock hit a 52-week low of Rs 2.7 on 05 Feb 2019.

The wind turbine supplier reported a net loss of Rs 335.11 crore in Q1 June 2019 over a net loss of Rs 576.10 crore in Q1 June 2018. The revenue from operations fell 34.48% to Rs 833.15 crore in Q1 June 2019 over Q1 June 2018.

The company's EBIDTA stood at Rs 61 crore while the EBITDA margin was at 7.4% in Q1 June 2019.

Suzlon Energy's consolidated net term debt stood at Rs 7,751 crore while its working capital debt was at Rs 4,000 crore in Q1 June 2019.

J. P. Chalasani, Group CEO, said, We continue to witness sectoral slowdown, owing to the prolonged industry transition to the bidding regime and policy uncertainty in few states. On the positive side, tariffs are stabilizing and the volume growth in the long‐term augur well for sustainable growth of the sector.

He further added that India is expected to be a relatively high volume market once the transitional problems of the sector are addressed.

Suzlon Group is one of the leading renewable energy solutions provider in the world with a global presence across 18 countries in Asia, Australia, Europe, Africa and Americas.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 16 2019. 12:04 IST