Pune, India: Suzlon Group, India's largest renewable energy solutions provider, announced its first quarter results for financial year 2019-20 (Q1 FY20).
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. Our Operation and Maintenance Services (OMS) division continues to deliver high machine performance for the customers, surpassing industry benchmarks. We will fuel the growth for OMS with our value added products and services. India is expected to be a relatively high volume market once the transitional problems of the sector are addressed. We are well poised to capitalize on this growth."
Kirti Vagadia, Group CFO, said, "Post default scenario, the company operations are at a sub-optimal level. However, we have continued to focus on cost optimization across the board including Cost of goods sold (COGS), fixed costs, working capital and thereby curtailed losses in this lean period. This is reflected in the fact that inspite of minimal volumes, the impact on the bottom line as compared both on Q-o-Q and Y-o-Y basis has been limited. We are committed and tirelessly working towards debt resolution and fixing the capital structure at a sustainable level and are exploring various funding options like raising fresh equity, disposal of subsidiaries, etc."
Suzlon Group Q1 FY20 at a glance (consolidated):
Q1 FY20 revenue at Rs. 833 crores
Operating Performance (Pre-forex)
Reported Net Loss of Rs 337 crores in Q1 FY20
Net Debt (including FCCB)
Operations and Maintenance Services (OMS)
About Suzlon Group:
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. Headquartered at Suzlon One Earth in Pune, India; the Group is comprised of Suzlon Energy Limited (NSE & BSE: SUZLON) and its subsidiaries. A vertically integrated organization, with over two decades of operational track record, the group has a cumulative global installation of over 18 GW of wind energy capacity, over 7,500 employees with diverse nationalities and world-class manufacturing facilities. Suzlon is the only Indian wind energy company with a large in-house Research and Development (R&D) set-up in Germany, the Netherlands, Denmark and India. Group's installation in India, adds upto ~35% of the country's wind installations, making Suzlon the largest player in this sector. The Group is the custodian of over 12.5 GW of wind assets under service in India making it the 2nd largest operations and maintenance company (over 8,500 turbines) in Indian power sector. The Group also has around 3 GW of wind assets under service outside India. Suzlon corporate website: www.suzlon.com
Tel: +91 (20) 67025000