Suzlon Energy Quarterly Losses Deepen
Once one of the world’s leading wind turbine manufacturers, Suzlon Energy announced this week poor quarterly earnings ending March 31, nearly doubling its net loss on the same time a year earlier.
Suzlon Energy experienced another net loss in this quarter, its fourth financial quarter, ending March 31. The loss amounted to Rs 1,212 crore, nearly doubling from Rs 603 crore a year ago. Revenue was unsurprisingly also down, dropping from Rs 6,645 crore in the quarter ending March 31, 2014, down to Rs 4,926 crore in Q4Y15.
Full year-ending revenue was only slightly down on financial year 2014, RS 19,954.44 core, down from RS 20,402.86 crore.
According to the Suzlon Group, there were several underlying issues impacting the company’s financials this past year.
“We undertook various transformational steps such as Senvion sale and equity infusion to deleverage and embark on a growth trajectory,” said Mr. Tulsi Tanti, Chairman, Suzlon Group. “Our technological prowess, reliable product portfolio and best-in class service give us a competitive edge. Suzlon is best positioned to tap opportunities offered by the high growth emerging markets.”
“Our results for FY15 were largely impacted by working capital challenges, which have now been addressed. Our business operations are now adequately funded with requisite working capital facilities to ramp up volumes,” added Mr. Kirti Vagadia , Group Head of Finance, Suzlon Group. “Our profitability and operating efficiency are enhanced as reflected by the increased EBITDA and improved net working capital ratios. The reduced leverage will lower the interest expense and principal repayment, providing more headroom to focus on business and order execution.”
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