Suzlon Energy Q2 net loss narrows to Rs 782.37 cr
New Delhi: Wind turbine maker Suzlon Energy Wednesday said its net loss has narrowed to Rs 782.37 crore during the July-September quarter of 2013-14 fiscal.
It had posted net loss of Rs 807.74 crore in same quarter of the 2012-13 fiscal, Suzlon Energy said in a statement.
Total Income of the company decreased to Rs 4,820.54 crore for the second quarter ended September 30, from Rs 5,784.39 crore in the year-ago period.
"While we continue to progress on the operational front, we reported a significant net loss primarily driven by lower volumes, the impact of the depreciating rupee, and restructuring costs," said Kirti Vagadia, Group Head of Finance at the company.
"We have strengthened our product portfolio, adding a new turbine variant designed specifically for low wind sites in developed economies. We have entered into Uruguay, one of the most promising Latin American markets," said Tulsi Tanti, Chairman, Suzlon Group.
The company stock closed at Rs 10.20, down 4.94 percent, on the BSE.