Suzlon, a leading wind turbine manufacturer and renewable energy project developer, has reported a net loss of ₹2.8 billion (~$38.86 million) in the second quarter of FY19.
In the first quarter of FY19, the company had reported a net loss of ₹5.75 billion (~$83.67 million).
For Q2 FY19, the company posted a revenue of ₹11.95 billion (~$165.83 million). Its consolidated business EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) came out to be ₹1.15 billion (~$ 15.96 million) with a margin of 9.6 percent.
“We successfully completed SECI’s wind power project of 250 MW for Sembcorp Energy India Limited (SEIL) at Chandragiri in Tamil Nadu. We also crossed a milestone, with installed capacity of over 12 GW in India and over 18 GW globally. On the solar front, we sold 49% stake in our Maharashtra solar project to CLP India. With this we have sold minority stake in all our solar projects and shall sell the balance 51% by March 2019”, said J P Chalasani, Group CEO of Suzlon in a press statement issued by the company.
Suzlon has also announced that it has delivered 126 MW of wind projects in Q2 FY19. It also has a backlog of projects worth 1,057 MW to date.
Suzlon has a net term debt of ₹68.03 billion (~$0.94 billion) and a working capital debt of ₹33.95 billion (~$ 471.12 million).
Earlier, Mercom reported that CLP India, one of the largest foreign investors in the Indian power sector and domestic renewable energy project developer Suzlon have entered a partnership to develop 70 MW of grid-connected solar photovoltaic (PV) capacity.
In June 2018, Mercom reported that Suzlon intends to re-enter the international market. “There was a time our exports were more than our domestic revenue. Then, we went through a financial crisis forcing us to slow down our international business and stabilise whatever assets we have. But now that we have regained our market position, we are planning to re-enter international market shortly. We hope to get some orders as early as next quarter,” JP Chalasani, had commented.
The company also commissioned 340 MW of solar photovoltaic (PV) projects across three states of Maharashtra, Telangana, and Rajasthan in March. Suzlon also bagged a repeat order of 96.6 MW from renewable energy project developer ReNew Power for the development of a wind project in the state of Karnataka.
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer