Suzlon Q3 net losses narrow to Rs 1,075 crore; sales up
Mumbai: Leading wind turbine maker Suzlon Friday said it narrowed net losses on a consolidated basis in the quarter to December to Rs 1,075.25 crore from Rs 1,154.53 crore a year ago on better project execution.
The Pune-based company's total income during the third quarter ended December 31 increased to Rs 5,052.2 crore from Rs 4,047.71 crore a year-ago.
"We are reporting losses mainly due to lower sales, adverse impact of foreign currency fluctuation and the restructuring cost that comes in the Ebitda. But our sales have improved on year-on-year basis," Suzlon Group finance head Kirti Vagadia said.
Total expenses increased to Rs 5,375.33 crore from Rs 4,563.47 crore. Of this, forex loss was Rs 91.48 crore compared to Rs 46.99 crore a year ago.
Commenting on the results, company Chairman Tulsi Tanti said, "while we have made important progress on some fronts, this has been a disappointing quarter in terms of operating performance and there remains much work to be done."
Tanti said the company has strategically positioned its business to take advantage of new opportunities.
Meanwhile, Suzlon has embarked on re-organising domestic operations and hiving off maintenance services vertical into a separate company.
"The step will help build on our long track record of providing best-in-class service, value-added services and focus on customer excellence besides responding to new growth opportunities in this space," Vagadia said.
During the quarter, the company received 913 mw of new orders. "This gives us good visibility into the near and medium term," he said.
On plans of selling non-core assets, Vagadia said, "we are progressing on that front, but the movement is slow mainly due to adverse (economic) environment."