Indian turbine manufacturer Suzlon posted a loss of Rs321 crores (€39m) in the first quarter of the 2019 financial year, compared with a profit of Rs90 crores in the same period last year.
Revenue was Rs1272 crores in the first three months of the financial year, down from Rs2665 crores on the previous year.
However, the company’s order book stood at 1134MW, similar to this time last year when it was 1169MW.
Suzlon Group chief executive JP Chalasani said the 2019 financial year would not see huge commissioning volumes because of the transition to competitive bidding regime in India.
He said as a result of the shift project execution time has increased to 18 months from nine months previously.
“This has caused temporary delay in realisations. Nevertheless, Industry is set to grow from FY20 onwards as projects won earlier, will be executed and new bids are in the pipeline,” he added.
The company delivered 155MW in the first quarter.
Image: Suzlon
Suzlon sees red
By EBS