Suzlon reduces net loss in Q4, US unit files for bankruptcy
July 1 (Renewables Now) – Indian wind turbine maker Suzlon Energy Ltd (BOM: 532667) on Tuesday reported a net loss attributable to shareholders of INR 570 million (USD 7.7 million / EUR 6.5 million) for its fourth quarter through March 2021, which is an improvement from a loss of INR 8.24 billion a year ago.
Turnover increased from INR 6.43 billion to INR 11.2 billion.
In full year, the company recorded net profit attributable to shareholders of INR 1.03 billion against a loss of INR 26.42 billion the previous year, and an increase in net sales to INR 32.95 billion against 29.33 billion INR.
Managing Director Ashwani Kumar said it was a year of restarting the company’s operations after the debt restructuring. “While our facilities remained weak, our strategic imperatives for the year were to restart our manufacturing facilities, ensure the continuation of our OMS operations without disruption and to fulfill the obligations of our debt restructuring,” commented the CEO.
The company also said that a sharp increase in steel prices and low tariffs for its customers have impacted profitability. It ended the year with a firm order book of 817 MW.
More details on Suzlon’s performance.
Figures in INR, unless otherwise indicated
|T4 FY2020 / 21||Q4 FISCAL YEAR 2019/20||FISCAL 2020/21||FISCAL 2019/20|
|Net volume (MW)||95||11||204||59|
|EBITDA||1.96 billion||(3.67 billion)||5.34 billion||(8.6 billion)|
|EBITDA margin (%)||17.5%||-57%||16.2%||-29.3%|
|Net profit (loss) before exceptional items||(530m)||(8.23 billion)||(7.02 billion)||(26.26 billion)|
|Net profit (loss) after exceptional items||(540m)||(8.34 billion)||1.04 billion||(26.92 billion)|
Suzlon Group Chairman and CEO Tulsi Tanti said India’s wind power industry has not been spared the impact of the COVID-19 pandemic. “The sector was limited to low volumes with installations of only 1.5 GW, which is almost 30% lower than last year, which represents only 15-18% of capacity utilization in India, ”he added.
Tanti is optimistic about the future, however. “The massive global push for renewables after COVID-19 and the government’s push on ‘Make in India’ and ‘Aatmanirbhar Bharat’ will help Suzlon to manufacture wind turbines and its components for the sector as a whole in the future and in the future. reducing imports while creating long-term sustainable jobs and energy security, ”he said.
Suzlon also announced that its resigning subsidiary Suzlon Wind Energy Corp USA filed for voluntary Chapter 7 bankruptcy in the United States on June 29 after “continued financial strains on its operations during the pandemic.” Indian society does not expect any direct or material impact from this bankruptcy.
(INR 100.0 = USD 1.345 / EUR 1.132)