Suzlon posts Q1 net loss of Rs 575 crore

Mumbai : Renewable energy solutions provider Suzlon Energy posted a net loss of Rs 575.10 crore for the quarter ended June 30, the company said on Saturday.

The company had a profit of Rs 47.84 crore in the year-ago quarter, Suzlon said in a BSE filing.

Revenue from operations fell sharply to Rs 1,271.60 in the April-June quarter, 50 per cent down from Rs 2,571.01 crore in the first quarter of last fiscal.

CEO J.P. Chalasani said the current fiscal may not see huge commissioning volumes as the transition period is prolonging and as a result of the new bidding regime, project execution time has increased from nine to 18 months.

"We delivered 155 MW in Q1 FY19, which is seasonally a low volume quarter," Suzlon Group CFO Kirti Vagadia said.

However, the industry is set to grow from next fiscal as projects will be executed and new bids are in the pipeline, Chalasani said. Suzlon has an order book of 1,134 MW.