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Suzlon Q4 Net Loss Narrows to Rs. 603.45 Crore

According to reports, wind turbine maker Suzlon Group today reported a consolidated net loss of Rs. 603.45 crore for the fourth quarter of 2013-14 against a loss of Rs. 1,912.72 crore in the same period last fiscal.

Total income during the said quarter rose to Rs. 6,645.05 crore, from against Rs. 4,336.44 crore in the corresponding period of the previous financial year (2012-13).

“Our revenue in Q4 is the highest in the last eight quarters,” Kirti Vagadia, Group Head of Finance, said in a statement.

“On the FCCB front, the Board has approved cashless restructuring of its Foreign Currency Convertible Bonds (FCCBs) and the new restructured FCCBs will come up for maturity in July 2019,” he said.

Suzlon, in April, implemented the $1.8 billion (Rs. 9,500 crore) debt restructuring package that includes preferential allotment of shares to its lenders.

The debt recast of $1.8 billion was formally approved in January this year by the company’s domestic lenders – a consortium of 19 banks.

“The group is now transiting from a restructuring mode to a growth phase given the opportunities due to strong industry outlook. In FY’15, our key priorities will be to ramp up volumes, improving business efficiency and rebalancing our capital structure,” Suzlon Group Chairman Tulsi Tanti said.

For full 2013-14 year, the company reported a loss of Rs. 3,519.97 crore, against a loss of Rs. 4,723.96 crore in the previous financial year.

Total income rose to Rs. 20,402.86 crore in FY14, from Rs. 18,913.53 crore in FY13.

Suzlon Group acquired Big Sky Wind Park in the US from Edison Mission Energy. The wind park consisting of 114 turbines is located in Illinois, US.

Shares of the company closed at Rs. 21.96, down 1.44 per cent on the BSE.

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