Suzlon posts Rs 834-crore loss on slower sales and higher finance cost

Stressed wind turbine maker Suzlon Energy’s net loss widened in the March quarter to Rs 834 crore due to fall in revenues and higher finance cost. The company had posted a net loss of Rs 295 crore in the same quarter during 2019. Total income from operations declined 54.6% to Rs 659 crore in the quarter under review from Rs 1,450 crore in the same period last year. Finance cost for the company surged 21% year-on-year (y-o-y) till March 2020.

The company also said that JP Chalasani has resigned as the group chief executive officer (CEO) of the company with effect from July 7, 2020. However, he will continue with the company as a strategic advisor, the company said.