Suzlon reports consolidated net loss at Rs 808 cr in Q2
Wind turbine supplier Suzlon Energy has posted a consolidated net loss of Rs 808 crore in the July-September quarter of FY13 as against profit of Rs 48 crore in the corresponding quarter of last fiscal.
November 09, 2012 / 22:29 IST
Wind turbine supplier Suzlon Energy has posted a consolidated net loss of Rs 808 crore in the July-September quarter of FY13 as against profit of Rs 48 crore in the corresponding quarter of last fiscal.
Consolidated income from operations increased 11 percent to Rs 5,702 crore from Rs 5,131 crore during the same period.Forex loss for the quarter was Rs 24.4 crore as against loss of Rs 83.5 crore in a year ago period.
"The first half of FY2012-13 has been disappointing for the Suzlon Group. Our performance was affected by macro-economic headwinds and policy uncertainties in some key markets; as well as by our internal challenges around liability management, and sub-optimal capital allocation to business operations," Tulsi Tanti, Chairman – Suzlon Group said.
Suzlon has defaulted in repayment of Rs 1,102.7 crore for FCCBs due. It has been in talks with FCCB holders on various solutions on dues settlements.In the last week of October, the Suzlon Group has initiated discussions with its senior secured lenders and plans to restructure its debt with a maturity period of ten years under the CDR mechanism, including a two-year moratorium on principal and interest payments on term-debt.
“This is an important step towards stabilizing our business by enhancing liquidity and injecting additional working capital. We believe this will help us to safeguard the interests of our key stakeholders, including customers and vendors," the company said.The stock fell 0.64 percent to close at Rs 15.50 on the Bombay Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
