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Suzlon reports Rs 627.38 cr consolidated loss for Sept quarter

PTI     November 14, 2018

New Delhi, Nov 14 (PTI) Suzlon Energy Wednesday reported a consolidated net loss of Rs 627.38 crore for the September quarter, mainly due to higher expenses and foreign exchange loss. The company had logged a consolidated net profit of Rs 70.68 crore in the corresponding period of the last fiscal, it said in a BSE filing. Total income from operations rose to Rs 1,221.89 crore in the quarter from Rs 1,179.07 crore a year ago. Expenses also increased to Rs 1,850.28 crore from Rs 1,553.36 crore. The company's foreign exchange loss rose to Rs 347.52 crore in the quarter from Rs 99.04 crore earlier. The statement said the company has incurred losses primarily due to lower volumes and foreign exchange losses, which has resulted in negative net worth. Meanwhile, the company's independent auditors said its current liabilities (including foreign currency convertible bonds) exceeded its current assets as at September 30, 2018, which indicates "that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern". However, it said the company is working in the direction of debt reduction by monetisation of assets, cost reduction, and increase in sales volumes to make its operations profitable. Accordingly, the standalone and consolidated unaudited financial results have been prepared on the basis that the company will continue as a going concern, the auditors said. Suzlon Group CEO J P Chalasani said the company is well positioned in the auction regime with orders of 1,413 MW from the already concluded auctions and is in discussions with customers for incremental orders for the untied capacity of 3 GW in the recently concluded auctions. "Owing to the project execution timeline of 18 months, these orders will be executed over FY19 and FY20... We continue to maintain our debt reduction target of 30-40 pc by the end of FY19," he added. PTI KKS ABM

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