Suzlon slips after posting Q2 loss of Rs 808 crore

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Suzlon slips after posting Q2 loss of Rs 808 crore
Suzlon Energy: Quotes, News
BSE 14.62BSE Quote0.2 (1.37%)
NSE 14.65NSE Quote0.15 (1.02%)
Shares of the Suzlon Energy slipped on Monday after the company posted its quarterly results after market hours on Friday.

The shares of the company was seen trading at Rs 15.30, lower by 0.65% on BSE at 10.15 am IST. It touched an intra-day low of Rs 15.20.

The company reported net loss of of Rs 807.74 crore for the quarter ended September 30, 2012 due to adverse market condition and policy uncertainties in some key markets.

Commenting on the results Mr Tulsi Tanti, Chairman - Suzlon Group said that "The first half of FY2012-13 has been disappointing for the Suzlon Group. Our performance was affected by macroeconomic headwinds and policy uncertainties in some key markets; as well as by our internal challenges around liability management, and sub-optimal capital allocation to business operations".

However, Suzlon's consolidated total income rose to Rs 5,758 crore in the September quarter, from Rs 5,130 crore in the year-ago period.

Last month, Suzlon Group said that it has initiated discussions with its senior secured lenders and plans to restructure its debt with a maturity period of ten years under the CDR mechanism, including a two-year moratorium on principal and interest payments on term-debt.

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