Sulzon plunges to 52-week low; results disappoint

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Sulzon plunges to 52-week low; results disappoint
Suzlon Energy: Quotes, News
BSE 14.81BSE Quote0.29 (1.96%)
NSE 14.80NSE Quote0.35 (2.36%)
Suzlon Energy plunged in today's trade and hit a record low after reporting a standalone net loss of Rs 696.64 crore for the first quarter ended June 30 due to lower volumes, policy uncertainties and rupee depreciation.

At 10.45 am IST, the shares of the company were seen trading at Rs 17.05 lower by 3.67%. The share touched a 52-week low of Rs 16.35.

The world's fifth-largest wind-turbine maker by capacity has been hit by an adverse market mix, a high interest burden and notional forex losses.

The company's consolidated income from operations rose to Rs 4,746 crore versus Rs 4,326 crore, year-on-year (YoY).

However, its consolidated net loss stood at Rs 849 crore against profit of Rs 62 crore, YoY.

"This has been a disappointing first quarter. The macroeconomic environment, policy uncertainties in some markets, along with other external factors such as the depreciating Rupee continue to impact us. Although we met our June FCCB liability in full - as we had committed to do - this absorbed a lot of management time and attention, Mr Tulsi Tanti, Chairman of Suzlon Group said in the statement.

Suzlon Group's order-book as on August 13 stood at 5.6 GW (valued at Rs 39,700 cr or USD 7.2 billion) with new firm orders of 456 MW and frame agreements of 200 MW.

The Group met its commitments around its June series of FCCBs, fully redeeming the bonds through a combination of new credit facilities; internal accruals and the sale of windfarm assets in India, said in the filing.

The company plans to raise USD 100-200 million by selling some "non-critical" assets this fiscal to pare its USD 2 billion debt, Mr Kirti Vagadia, CFO of Suzlon Group said.

Read more about: suzlon
Story first published: Tuesday, August 14, 2012, 10:53 [IST]
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