February 9 (Renewables Now) - Indian wind turbine manufacturer Suzlon Energy Ltd (BOM:532667) on Friday reported it swung to a net loss of INR 330 million (USD 5.1m/EUR 4.2m) in the three months through December 2017 from a INR-2.83-billion profit a year ago.
Revenue dropped to INR 22.04 billion from INR 33.16 billion a year ago, but was better than in the preceding quarter.
In the first nine months of the 2017/18 financial year, revenue declined 21% as the transition period hurt volumes, the report shows. The company, however, says it is outperforming the market as total wind commissioned in India in the period dropped 70% year-on-year to 569 MW, based on official figures.
Suzlon is optimistic that the domestic wind market is poised to grow significantly in the auction regime and amid increased demand for clean energy. "We are confident that the industry will regain the momentum as there is clear business visibility of ~7.5 GW even before the start of the next financial year," said chief executive J.P. Chalasani.
|Results in INR million||9mo FY 2017/18||9mo FY 2016/17||Q3 FY 2017/18||Q3 FY 2016/17|
|EBITDA pre forex||8,290||14,810||2,470||7,450|
|EBITDA margin pre forex||13.7%||19.2%||11.2%||22.5%|
|Net profit (loss)||860||2,630||(330)||2,830|
Chief financial officer Kirti Vagadia said the results reflect the company's cost optimisation efforts.
(INR 100 = USD 1.554/EUR 1.271)