Suzlon sees red
Indian manufacturer makes a loss of Rs33 crores in 2017-2018 third quarter
Indian turbine manufacturer Suzlon posted a loss of Rs33 crores (€4.2m) in the third quarter of the 2017-2018 financial year, compared with profit of Rs304 crores in the same period last year.
Revenue stood at Rs2204 in the period, down from Rs3307 crores in the previous financial year.
Earnings fell to R247 crores from Rs745 crores a year earlier.
The company delivered turbines totalling 316MW in the third quarter and has a total order backlog of 1132MW, compared with a backlog 1231MW at the end of the same period of 2016-2017.
Suzlon Group chief executive JP Chalasani said: “The domestic wind market is on the path to grow significantly in the competitive bidding regime and increased demand for clean energy.
“We are confident that the industry will regain the momentum. Suzlon is well positioned to capitalise on the market opportunities with our technologically advanced products.”