Suzlon Energy Q1 Results: Profit plunges 96% YoY to Rs 101 cr; stock crashes 5%

economictimes.indiatimes.com:

Suzlon Energy on Tuesday reported a consolidated net profit of Rs 101 crore for the quarter ended June as part of its Q1 earnings. It was down 96% from Rs 2,433 crore reported in the corresponding quarter of last year. On a sequential basis, the net profit declined 64% from Rs 280 crore clocked in the preceding March quarter.

Revenue from operations during the quarter also fell marginally to Rs 1,348 crore, compared with Rs 1,378 crore in the corresponding quarter last year. Revenues dropped 20% quarter-on-quarter. Total expenses during the quarter declined 8% to Rs 1,269 crore as against Rs 1,376 crore in the year-ago period.

The company has reported an EBITDA (pre-foreign exchange) of Rs 207 crore during the first quarter, while margins came in at 15.4%.Suzlon has cumulative orders of nearly 1.6 GW at the end of June quarter. Following the announcement of results, the company's stock crashed nearly 5% at Rs 19 on the NSE. The shares of Pune-headquartered Suzlon have had a stellar run this year, rallying nearly 80% on a year-to-date basis.

The stock has delivered over 220% returns to investors in the last one-year period. In a further boost to investor sentiments, ace investor Mukul Mahavir Agrawal has picked up 1.04% stake in the company in the June quarter. Suzlon is a renewable energy solutions provider with presence in 17 countries across Asia, Australia, Europe, Africa and America.