Suzlon Energy shares decline 5 pc as loss widens in March quarter

Shares of Suzlon Energy on Tuesday declined 5 per cent to its lowest permissible trading limit for the day after the company posted a consolidated net loss of Rs 834.22 crore for the March quarter.

Shares of Suzlon Energy on Tuesday declined 5 per cent to its lowest permissible trading limit for the day after the company posted a consolidated net loss of Rs 834.22 crore for the March quarter. The stock dropped 4.99 per cent to Rs 5.33 -- its lower circuit limit -- on the BSE.

On the NSE, it fell 4.50 per cent to Rs 5.30 -- its lowest permissible trading limit for the day. The wind turbine maker posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to lower revenues and high finance cost.

The consolidated net loss of the company was Rs 294.64 crore in the quarter ended on March 31, 2019, a regulatory filing said. Total income from operations of the company declined to Rs 658.89 crore in the quarter under review from Rs 1,450.47 crore in the year-ago quarter.

The consolidated net loss of the company in 2019-20 was Rs 2,691.84 crore as against Rs 1,537.19 crore in 2018-19. Total income from operations in 2019-20 dropped to Rs 3,000.42 crore from Rs 5,074.64 crore in 2018-19.

Suzlon Group CEO J P Chalasani said, "It was a highly challenging year where the market remained restricted to very low volumes and the country witnessed only 20 per cent capacity utilisation."

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)