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Suzlon posts Rs 1075 crore loss

To hive off operations and maintenance division into a separate company

BS Reporter  |  Mumbai 

Wind turbine maker Suzlon, which under went a restructuring of about Rs 9500 crore debt, posted a consolidated loss of Rs 1075 crore for quarter ended December as against Rs 1154 crore loss for the same period last year. Revenue rose to Rs 5063 crore in the last quarter as against Rs 4074 crore in the same period last year.

The Suzlon Board approved preferential issue of equity shares to promoters to an extent of Rs 45 crore. Additionally, the Board approved the preferential issue of equity shares up to an extent of Rs 80 crore, the company announced today

"We are strategically positioning the business to take advantage of new opportunities and as part of this, we are reorganizing our India Operations and Maintenance Services vertical into a separate company. The step will help build on our long track record of best in class service, value added services and focus on customer excellence,'' said Suzon group chairman Tulsi Tanti

"This has been another very challenging year for the Group, with difficult external conditions acting as a constraint on performance. However, key indicators have started to move in the right direction. We have booked 913 MW of new orders over the quarter, aggregating nearly 1.7 GW over the first nine months, underscoring customers’ confidence in the company and giving us good visibility into the near and medium term,'' group's head of finance Kirti Vagadia said.

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First Published: Fri, February 14 2014. 20:13 IST