Suzlon Energy Q4 loss at Rs 188 cr; board okays rights issue

Wind power major Suzlon Energy today reported a consolidated loss of Rs 188.47 crore for the fourth quarter ended March 2010, whereas it had a profit of Rs 314.89 crore during the corresponding period a year earlier.

Total income of the firm stood at Rs 6,174.58 crore during the January-March quarter of FY10, while the same was at Rs 9,321.23 crore during the same period a year ago.

Figures of the current period are not comparable with the results of corresponding period a year earlier, as REpower has became a subsidiary of Suzlon with effect from June, 2008, it said in a filing to the Bombay Stock Exchange (BSE).

Meanwhile, Suzlon said it will issue shares on the rights basis to reduce debt further.

The terms and conditions of the rights issue including the ratio, the issue price, record date, timeline, will be decided by a special committee of board. The board met on May 29.

"This has been a difficult year for the wind energy. While market conditions continue to be challenging, we have made encouraging progress. We are working on improving order pipelines the world over," Suzlon Energy CMD Tulsi Tanti said.

For the full financial year ended March 31, 2010, Suzlon posted a consolidated loss (after share in associate's profit & minority interest) of Rs 982.56 crore, while it had a profit of Rs 236.48 crore for the year ended March 31, 2009.

On standalone basis, the wind turbine maker posted a net loss of Rs 783.57 crore for the March quarter, while the same was at Rs 183.36 crore during the corresponding period a year ago.

Shares of Suzlon Energy, on Friday, closed at Rs 61.05, up 4.99 per cent on the BSE.