Suzlon Energy Ltd., i of the world’s biggest renewable issue energy companies, released Q1 results for financial yr 2016-17 (FY17), which showed the fellowship taking a loss of 2.6 billion rupees, partly due to Forex costs together with the novel accounting standards (IND AS).
The loss was exacerbated past times the autumn of the Indian rupee over the final few months, causing Suzlon to loose 900 i chiliad k rupees inwards connector amongst the refinancing of $590 i chiliad k inwards debt inwards April, 2016.
Suzlon CFO Kirti Vagadia,
told Bloomberg that novel accounting standards forced the fellowship to study the entire 900-million-rupee Forex loss inwards Q1. Under previous standards, the loss would convey been stretched out over the entire maturity of the debt.
The novel Indian Accounting Standards essentially reclassified Suzlon’s debt restructuring costs equally a liability, instead of a potential liability nether previous rules, which added an additional 120 i chiliad k rupees to the Forex loss, according to Vagadia.
Regardless of the additional FX loss, Suzlon reported a 16.5 billion rupees inwards revenue for Q1, together with CEO J.P.Chalasani said that the hereafter of the renewable issue energy sector inwards Republic of Republic of India is looking really good:
“The soil witnessed tape renewable issue energy installations inwards FY16 together with the manufacture volition surpass it past times over 30% inwards the electrical current fiscal. Combined, air current together with solar capacity has surpassed hydro capacity together with is solely adjacent to coal‐based capacity inwards India.”
The company's
report likewise highlighted the strong back upwards for the renewable issue energy manufacture coming from the Indian government, which has fix a target of 175 GW of renewables past times the yr 2022.
“India’s commitment at COP21 to hit 40% renewables past times 2030 volition proceed to fuel involve for construct clean energy”
Headquartered inwards Pune, India, the 8000-employee fellowship currently holds simply about 36% of the entire Indian air current turbine market.