Suzlon June qtr loss widens to Rs 912 cr

The world's third-largest wind turbine-maker, Suzlon, today posted a loss of Rs 912 crore for the quarter ended June 30 on account of lower sales and a notional foreign exchange loss of Rs 250 crore.

Suzlon Energy has registered a loss of Rs 912 crore due to lower volumes and a notional forex loss of Rs 250 crore, the company informed the Bombay Stock Exchange (BSE).

The company had suffered a net loss of Rs 453 crore in the same period last fiscal (2009-10).

Total income of the company declined by 42 per cent to Rs 2,404.44 crore during the review period from Rs 4,171.35 crore in the corresponding quarter of the previous fiscal.

"We have booked a loss in the first quarter mainly due to lower volumes and a significant, but effectively notional, forex loss," Suzlon Energy Chief Financial Officer Robin Banerjee said.

The current order book of the company stands at Rs 22,700 crore.

"This has been a challenging quarter for us. However, we see strong momentum for the wind sector led out of emerging economies -– particularly India, China, Brazil and western Europe -- while the US and selective European markets remain difficult," Suzlon Energy Chairman and Managing Director Tulsi Tanti said.

At present, Suzlon has more than 1,750 Mw of wind turbine capacity installed in the US, which it expects to ramp up to 2,480 Mw by the end of the year. Suzlon Energy has a share of 12.3 per cent in the global wind turbines market.

Shares of the company today closed at Rs 56.45, down 1.91 per cent on the BSE.