Suzlon Energy slips to USD-148m loss in Q2 FY 2012/13

Nov 9, 2012 - Indian wind turbine maker Suzlon Energy (BOM:532667) on Friday said it had swung to a net loss of INR 8.08 billion (USD 147.6m/EUR 116.1m) in its second fiscal quarter through September from a INR-480-million profit a year ago.

The deficit came in spite of a increase in revenue to INR 57.02 billion from INR 50.71 billion.

In the first six months of its year, the company suffered a net loss of INR 16.57 billion, against a profit of INR 1.08 billion a year earlier. Revenues were up 11.2% year-on-year at INR 104.49 billion.

Suzlon Group chairman Tulsi Tanti said that the company had had a "disappointing" first half with performance weighed down by macro-economic challenges and policy uncertainties in some major markets in combination with internal issues. The wind turbine maker was hit by the use of cash to address financial liabilities and working capital constraints.

Still, Tanti noted that the company had maintained year-on-year revenue growth and had a strong firm order book worth USD 6.84 billion (EUR 5.38bn). Suzlon secured 1,070 MW of new firm orders in the second quarter and its order book stood at 5.4 GW as of November 9.

(INR 100 = USD 1.826/EUR 1.437)
(USD 1.0 = EUR 0.787)

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