Suzlon posts Rs 575-cr Q1 loss on weak sales

New Delhi : Renewable energy firm Suzlon Group has posted a consolidated net loss of Rs 575 crore for the quarter ended June hurt by decline in sales and higher forex losses. It had reported a profit of Rs 47.84 crore in the year ago period.

“Indian wind market is on a growth trajectory with 7.5 GW of capacity already auctioned, from this we have the highest order share. However, FY19 may not see huge commissioning volumes as the transition period is prolonging and as a result of the new bidding regime, project execution time has increased from 9 to 18 months. This has caused temporary delay in realizations,” Suzlon Group CEO J P Chalasani said.

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