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Suzlon posts Rs 3 billion loss in Jan-Mar quarter

According to reports, Suzlon Energy, the world’s fifth and India’s largest wind turbine maker on Friday has reported a net loss of Rs 300.24 crore for the quarter ended March 31, 2012 compared to a net profit of Rs 211.05 crore clocked in the corresponding quarter last year.

The Pune-headquartered company’s total income from operations also decreased to Rs 6,699.48 crore for the quarter under review as against Rs 7,276.02 crore clocked in the corresponding quarter in the previous year, the company said in a statement.

However, revenues for the full financial year ending March 31, 2012 increased by 18 per cent to Rs 21,082.37 crore as against Rs 17,879.13 crore last year. Its net loss also decreased to Rs 478.58 crore for the year compared to Rs 1,323.97 crore in the previous year.

Suzlon Energy’s board of directors has approved issuance of equity shares and / or FCCB and / or GDR and / or IDR and / or FCD and / or such other equity linked instruments and / or any other instruments and/ or combination of instruments to an extent of Rs 5000 crore.

It is subject to the approval of the members at the ensuing 17th annual general meeting of the company.
“Our order backlog is now stands at Rs 41,500 crore, giving us strong visibility through FY13. We are now realizing significant revenues from operations and service offerings for our global fleet approaching 20,000 MW, giving us secured annuity income over a 15 year horizon,” Tulsi Tanti, founder chairman of Suzlon group, said in a statement.

The company’s guidance for FY13 is a revenue target of Rs 27,000 crore – Rs 28,000 crore, and an EBIT margin of 6 per cent, he said.

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