Suzlon Energy hit a lower circuit of 5% at Rs 5.33 after the company reported consolidated net loss of Rs 823.53 crore in Q4 March 2020, higher than net loss of Rs 292.60 crore in Q4 March 2019.
Net sales declined 54.7% year-on-year (YoY) to Rs 643.39 crore in the March quarter. Pre-tax loss in Q4 March 2020 stood at Rs 828.78 crore as against a pre-tax loss of Rs 288.88 crore in Q4 March 2019. Current tax expense jumped 18.1% YoY to Rs 5.36 crore in the fourth quarter.
The company posted a consolidated net loss of Rs 2642.23 crore in the year ended March 2020 (FY20) compared with net loss of Rs 1527.18 crore in the year ended March 2019 (FY19). Net sales tumbled 41.1% to Rs 2933.20 crore in FY20 over FY19.
Swapnil Jain, CFO, Suzlon Energy, said, "In FY20 our debt restructuring and working capital constraints continued to impede our operations and that is reflected in our performance. Our losses at EBIDTA level are primarily because the WTG (Wind Turbine Generator) business, was almost at a standstill resulting in under-absorption of overheads and certain non-recurring costs. Having closed our debt restructuring successfully we have also reduced our fixed costs in FY20 thereby bringing down our break-even levels significantly. Post restructuring we will have an improved balance sheet in FY21, equipping us to ramp up execution of our order book."
Suzlon Group is provider of renewable energy solutions with a global presence across 18 countries in Asia, Australia, Europe, Africa and Americas.
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