Suzlon Energy share: Suzlon Energy tanks 10% after poor performance in Q4

Shares of dropped as much as 10 per cent during early trading hours on Thursday after the company reported a poor performance in the March 2022 quarter.

The utility player reported a consolidated net loss of Rs 205.52 crore in the March quarter, which stood at Rs 54.25 crore in the quarter ended March 2021, according to a regulatory filing.

Following the development, shares of Suzlon Energy plunged as much as 10 per cent to Rs 7.85, merely shy of its circuit limit. However, it was trading at Rs 7.87 at 10 am. The scrip settled at Rs 8.69 on Wednesday.

Total income in the quarter ended on March 31, 2022, rose 117.2 per cent to Rs 2,478.73 crore from Rs 1,141.15 crore in the same period a year ago.

The company also reported a consolidated net loss of Rs 176.55 crore for 2021-22. The same stood at Rs 103.59 crore in the year-ago period. The total income in FY22 rose to Rs 6,603.97 crore as against Rs 3,365.59 crore in 2020-21.

Shares of Suzlon Energy have tumbled about 30 per cent in the last one month, whereas the scrip has tanked 27 per cent in the year 2021 so far.

The company said it has successfully concluded refinancing of its debt of the of India-led existing consortium of 16 lenders with Limited-led consortium of two lenders.