A focus on managing the Group’s liability coupled with turbulence in the wind energy market has led standalone entity Suzlon Energy to more than double its losses. It has posted a net loss of Rs 815.9 crore in Q4-13 versus a loss of Rs 309 crore in the same period the previous year.
Income from operations during the quarter under review stood at Rs 466 crore versus Rs 2,023 crore in Q4 12, down by over 75 per cent year on year. During the 2013 fiscal, Suzlon Energy’s loss has multiplied to Rs 2,989.8 crore against Rs 505 crore in FY 2012. The income from operations in the two fiscals stood at Rs 1,753 crore and Rs 6,871 crore respectively representing a dip similar to the Q4 income.
On the consolidated basis, the Group has posted a loss of Rs 1,912 crore in Q4 13 against a loss of Rs 299 crore in Q4 12, while income dropped to Rs 4,336.44 crore from Rs 6,815 crore in the two respective quarters being compared.
Boosted by revenues of its subsidiary REPower which saw 35 per cent CAGR from FY 2011-13, the Group’s FY 13 income stood at Rs 18,914 crore versus Rs 21,359 crore in FY 12. Net profit however remained adversely impacted as the Group’s net loss mounted to Rs 4,732 crore from a loss of Rs 473 crore in FY 12.
Tulsi Tanti, Chairman, Suzlon said, “This has been an extremely difficult year for Group. We faced both significant internal challenges on the liability management front and external with a highly competitive global wind sector, and India market which shrank by almost 50 per cent.”