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.
Mr Tulsi Tanti, Chairman – Suzlon Group said: “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.
“Despite this, key metrics point in the right direction: we have continued to grow revenues year-on-year; our product offerings are highly competitive in the marketplace; our firm orderbook stands at an extremely robust US$ 6.84 bn; and, REpower continues to maintain a solid growth trajectory.
“Looking ahead, we have taken concrete steps to sustain our mid-to-long term business performance. These steps will enhance our liquidity position and enable us to normalize our business operations and deliver on stakeholder commitments. We continue to work very hard on consolidation within the Group and maximizing all our operational synergies”.
Mr Kirti Vagadia, Chief Financial Officer – Suzlon Group said: “Allocation of cash towards addressing financial liabilities, combined with working capital constraints, acted as a significant limiter on our performance in H1 FY2012-13. Addressing this is now the central focus of our change agenda. We have launched several key initiatives – including Project Transformation – to bring down fixed costs, reduce working capital intensity, and continue our sale of non-critical assets as we right-size the business.
“We have also started the process to comprehensively address our liabilities, inter alia, through the CDR mechanism and balance our long-term capital structure.