Suzlon Energy posted a dismal set of numbers for Q1Fy19. It recorded a net loss of Rs.573 crore v/s net profit of Rs.48 crore. The revenue showed a fall of 50.5% (YoY) at Rs.1277 crore. EBITDA fell 84% to Rs.77 crore. This net loss was despite the quarter showing a forex gain of Rs.254 crore v/s gain of Rs.42 crore in previous Q1. Imagine the loss if this massive forex gain would not have been there.
This poor show apart, Suzlon has withdrawn its FY19 operational guidance. The company has stated that this was due to the prolonged transition to the new regime of bidding and longer execution time. The company had previously guided revenue of Rs.12,000 - 13,000 crore and EBITDA of 14%.
The reasons - evacuation approval delays, delay in approved bids in place, temporarily differed approvals and states not signing PPAs, slow pace of bidding and eight month gap between bidding.
Following this poor show, Suzlon is currently the second top loser on the BSE, going down 7% to Rs.7.30. Its 52-week low is at Rs.6.85.