Suzlon executed 155MW of wind equipment in Q1FY19 (vs 324MW in Q1FY18). Consequently, Suzlon reported Ebitda of mere Rs 0.8 bn (est of Rs 1 bn) in Q1FY19, a decline of 84% y-o-y led by negative operating leverage. As a result, Suzlon adjusted loss in Q1FY19 was Rs 3.2 bn (vs est of loss of Rs 2.5 bn). Reported loss came in at Rs 5.7 bn on account of MTM losses on foreign currency loans. Ebitda margin for Q1FY19 was mere 6% led by lower execution of 155MW during the quarter. Suzlon order book was 1,134MW. In addition, it has 700MW of orders where PPA has been signed but is awaiting approval from regulator. As a result, total order backlog is 1.9GW. The total order wins by Suzlon so far in the auctions is 1.4GW. Note that 20% of auction winners (~1.5GW) have not awarded the equipment yet.