Net sales declined 54.7% year-on-year (YoY) to Rs 643.39 crore in the March quarter. Pre-tax loss in Q4 March 2020 stood at Rs 828.78 crore as against a pre-tax loss of Rs 288.88 crore in Q4 March 2019. Current tax expense jumped 18.1% YoY to Rs 5.36 crore in the fourth quarter.

The company posted a consolidated net loss of Rs 2642.23 crore in the year ended March 2020 (FY20) compared with net loss of Rs 1527.18 crore in the year ended March 2019 (FY19). Net sales tumbled 41.1% to Rs 2933.20 crore in FY20 over FY19.

Swapnil Jain, CFO, Suzlon Energy, said, In FY20 our debt restructuring and working capital constraints continued to impede our operations and that is reflected in our performance. Our losses at EBIDTA level are primarily because the WTG (Wind Turbine Generator) business, was almost at a standstill resulting in under-absorption of overheads and certain non-recurring costs. Having closed our debt restructuring successfully we have also reduced our fixed costs in FY20 thereby bringing down our break-even levels significantly. Post restructuring we will have an improved balance sheet in FY21, equipping us to ramp up execution of our order book.

Suzlon Group is provider of renewable energy solutions with a global presence across 18 countries in Asia, Australia, Europe, Africa and Americas.

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The Board of Suzlon Energy at its meeting held on 06 July 2020 approved the resignation of J.P.Chalasani as the Group Chief Executive Officer of the Company with effect from the 7 July 2020. However, he will continue with the Company as a Strategic Advisor.

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Net Loss of Suzlon Energy reported to Rs 823.53 crore in the quarter ended March 2020 as against net loss of Rs 292.60 crore during the previous quarter ended March 2019. Sales declined 54.73% to Rs 643.39 crore in the quarter ended March 2020 as against Rs 1421.19 crore during the previous quarter ended March 2019.

For the full year,net loss reported to Rs 2642.23 crore in the year ended March 2020 as against net loss of Rs 1527.18 crore during the previous year ended March 2019. Sales declined 41.08% to Rs 2933.20 crore in the year ended March 2020 as against Rs 4978.46 crore during the previous year ended March 2019.

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Suzlon Energy will hold a meeting of the Board of Directors of the Company on 6 July 2020.

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