Wind turbine maker Suzlon Energy on Monday posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to a fall in revenues and higher finance cost.
The company had posted a total loss of Rs 295 crore during the same quarter last year. Total income from operations decreased by 54.6 per cent to Rs 659 crore in the quarter under review from Rs 1,450 crore during the same quarter previous year. Finance cost for the company surged 21 per cent year-on-year till March 2020.
The company further said that JP Chalasani has resigned from the post of the group chief executive officer (CEO) of the company starting from July 7, 2020. However, he will continue to work with the company as a strategic advisor.
The consolidated net loss of the company in the year 2019-20 stood at Rs 2,692 crore when compared to Rs 1,537-crore in the year 2018-19. The total income of the company in the year 2019-20 decreased by 40 per cent to Rs 3,000 crore against Rs 5,075 crore in the year 2018-19.
Suzlon – Recently the company has concluded a debt restructuring deal with lenders. Swapnil Jain, chief financial officer (CFO) claimed after Post restructuring the company will have an improved balance sheet in the financial year 2021 (FY21).
According to the restructuring deal, the total debt of Rs 12,153 crore was divided into a sustainable portion and an unsustainable portion. The company is ready to pay the sustainable debt of Rs 3,600 crore within 10 years at 9 per cent per annum. The remaining unsustainable portion of the debt which stood around Rs 8,553 crore was converted into optionally converted debentures and compulsorily convertible preference shares. The company thinks that restructuring will reduce more than 70 per cent of the interest burden.