Suzlon Energy posts net profit of Rs 37 cr in Dec quarter
Suzlon Energy has posted a consolidated net profit of Rs 37.73 crore in the December 2021 quarter mainly on account of higher revenues. The company had reported a consolidated net loss of Rs 118.06 crore in the same quarter of the previous fiscal, according to a BSE filing released on Friday night.
Its total income rose to Rs 1,615.06 crore in the reported quarter from Rs 959.52 crore in the same period a year ago. “Q3 of FY22 saw us sustaining pace in our manufacturing and projects operations. However, with the current uncertainty, 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 rise in logistics costs and the increase in GST(goods and services tax) from 5 per cent to 12 per cent has further increased project costs.
“We have maintained our quarter on quarter (QoQ) performance with a revenue of Rs. 1,597 crores while keeping a strict control on costs. Our Operations and Maintenance Service (OMS) business continued to deliver good turbine performance in Q3 leveraging digitization and digitalization to navigate the uncertainties of the pandemic,” he added.
Ashwani Kumar, Chief Executive Officer, Suzlon Group, feels satisfied about the manner in which operations of the company gained momentum in Q3 keeping it on track with its business plan for the year.
However, he said, “Unfortunately, the COVID-19 pandemic is surging across the world again in Q4 FY22 with alarmingly high numbers in India as well. This poses renewed challenges for us going ahead on business delivery towards the end of the financial year.”