Suzlon Energy’s Thursday said its consolidated net loss for the March quarter narrowed to Rs 294.64 crore from Rs 469.85 crore a year ago, mainly due to lower expenses. Total consolidated income from operations declined to Rs 1,450.47 crore in the fourth quarter of 2018-19, compared to Rs 2,189.18 in year-ago period, the company said in a BSE filing.
According to the filing, the company’s expenses in the March quarter also declined to Rs 1,706.03 crore from Rs 2,676.99 crore a year ago.
However, its consolidated net profit rose to Rs 1,537.19 crore in 2018-19 from Rs 384.01 crore in the preceding fiscal.
Total income of the company from operations also slipped to Rs 5,074.64 crore in 2018-19 from Rs 8,195.37 in the previous fiscal.
“We continued our excellent track record in operation and maintenance service by achieving 97.48 per cent machine availability, highest till date. FY20 is expected to be a relatively high volumes market with Central and State level auctions in India. We are committed to reducing our debt and are progressing well on strategic initiatives undertaken by the team,” J P Chalasani, Group CEO, said.
The wind sector continues to witness impact of the prolonged transition phase which is also reflected in our FY19 performance. The company is committed to debt reduction, cost optimization across the board and execution of our order book, Group CFO Kirti Vagadia said.
The board also approved the appointment of Swapnil Jain as the Chief Financial Officer from from June 1, 2019.
Jain was previously with Essar Group since 1997 and over last 21 years he held progressive positions with increasing responsibilities. Jain is not related to any of the directors of the company, it said.
News Source : Economic Times