Wind-turbine maker Suzlon Energy’s standalone results indicate that its net loss has widened to Rs 735 crore for the second quarter of the current fiscal year from Rs 546 crore during the same quarter in financial year 2012-13.
Income from operations stood at Rs 586 crore, a decline of around 12 per cent from the Rs 659 crore recorded in the comparable three-month period of the last fiscal year.
On a consolidated basis, Suzlon fared better, with its loss for the second quarter declining to Rs 778.31 crore in comparison with Rs 809.73 crore loss a year ago.
The company said that one of its overseas units along with its subsidiaries is undergoing an “organisational redesign”, and in this connection the Group has incurred layoff and other costs of Rs 66.99 crore for the quarter under review.
The company’s management also proposes to divest the business of SE Forge Ltd, which manufactures large forging and casting products, and this has been considered a discontinued operation. The subsidiary’s income during the quarter under review stood at Rs 20 crore (Rs 35 crore) while its losses amounted to Rs 34 crore (Rs 43.41 crore).
Kirti Vagadia, Finance head for the Group, said: “We reported a significant net loss primarily driven by lower volumes, the impact of the depreciating rupee, and restructuring costs. We are, however, pleased to report a positive EBITDA (net of forex) in Q2 after five quarters.”
“We have strengthened our product portfolio, adding a new turbine variant designed for low wind sites in developed economies,” said Tulsi Tanti, the group’s Chairman.
The Suzlon stock closed at Rs 10.20, down 4.94 per cent, on the BSE.
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