Suzlon books FY Q3 loss of USD 103m

Suzlon wind turbine. Author: Suzlon Group. License: All Rights Reserved.

February 13 (Renewables Now) - Indian wind turbine maker Suzlon Energy Ltd (BOM:532667) on Wednesday reported a net loss to shareholders of INR 7.37 billion (USD 103.4m/EUR 95.1m) for its third fiscal quarter to the end of December, compared with a loss of INR 378 million a year earlier.

The company noted that continued efforts to resolve its debt crisis are continuing to have an impact on business. Net revenues in the period fell to INR 6.54 billion from INR 10.9 billion in the same period of 2018, mainly due to low volumes.

The company continues to face "severe liquidity stress", the independent auditor Deloitte Haskins & Sell LLP said, while Suzlon noted it was working with lenders for a "holistic resolution of debt."

Suzlon's net debt stood at INR 129.06 billion at the end of December.

(INR 100.0 = USD 1.403/EUR 1.292)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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