SUZLON Q2: WORSE BEYOND ALL BELIEF

Revenues *down 56.5%* at  Rs 1193 cr vs Rs 2742 cr
Net profit down 72% at  Rs 68 cr vs Rs 243.75 cr
EBITDA down 81% at  Rs 107 cr vs Rs 559 cr

Margins at *9% vs 20.4%*

*Actual PBT loss of 374 cr. Vs profit of 251 cr yoy. Exceptional gain of 454 cr converts LOSS in PAT*

_Working capital days up to 94 days (highest is 5 years - big negative)_

*Working capital debt in Q2 at 3244 cr vs 2000 cr in March 17*

Massive FCCBs coversion in the pipeline  which will further expand already bloated equity

*EBITDA MARGINS NEGATIVE*

Company in its presentation did not mention Q2 details

FCCB conversion price is 15.46 per share. Management trying to keep shares above 15.5 so that all pending 67 crore shares under FCCBs can get converted. If stock goes below Rs15 stock will see  vertical fall

FUNDAMENTALLY HUGELY OVERPRICED. STAY SHORT.