Profit statements

Suzlon Energy posts net profit of Rs 37 cr in December quarter

Suzlon Energy posted a consolidated net profit of Rs 37.73 crore in the December 2021 quarter, mainly due to higher revenues.

The company had reported a consolidated net loss of Rs 118.06 crore in the same quarter last year, according to a BSE filing released on Friday evening.

Its total revenue rose to Rs 1,615.06 crore in the reported quarter from Rs 959.52 crore in the same period a year ago.

“In the third quarter of FY22, we maintained momentum in our manufacturing and project operations. However, with the current uncertainty, the availability and prices of raw materials and components remain a challenge, eroding our margins and volumes,” Himanshu Mody, Chief Financial Officer, Suzlon Group, said in a statement.

He further stated that an exponential increase in logistics costs and the increase in GST (goods and services tax) from 5% to 12% further increased project costs.

“We maintained our quarterly performance (QoQ) with revenue of Rs. 1,597 crore while keeping tight cost control. Our operation and maintenance (OMS) service business continued to deliver good turbine performance in the third quarter by leveraging digitization and digitization to navigate the uncertainties of the pandemic,” he added.

Ashwani Kumar, Chairman and CEO of Suzlon Group, is pleased with how the company’s operations have ramped up in the third quarter, keeping it on track with its business plan for the year.

However, he said, “Unfortunately, the COVID-19 pandemic is spreading again around the world in the fourth quarter of FY22, with alarming numbers in India as well. This poses new challenges for us. to continue our operations towards the end of the fiscal year.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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