Suzlon losses double in June qtr, at Rs 912 cr

Suzlon Energy, the world’s third largest wind energy turbine maker, had consolidated net loss of Rs 912.2 crore for the quarter ended June, double the Rs 452.7 crore loss in the corresponding period of last year. It blamed lower sales volumes and forex losses of Rs 250 crore.

Consolidated revenues were Rs 2,399 crore for the quarter, 42.5 per cent lower as compared to Rs 4,152.6 crore in the previous year’s quarter.

“We see strong momentum led out of emerging economies — particularly India, China, Brazil and western Europe, while the US and selective European markets remain difficult,” said Tulsi Tanti, chairman and managing director.

“We remain focused on reducing fixed cost as a priority,” said Robin Banerjee, chief financial officer.

Suzlon said it finalised debt refinancing and consolidation of Rs 10,690 crore, including a holiday of two years in principal repayments and removal of covenants with lenders. It also completed a rights issue of Rs 1,188 crore towards debt reduction.

The order book at the group level was Rs 22,700 crore. It was 580 Mw from India, the highest ever in its history. It has 60 per cent market share in India.