The Hindu Business Line : Suzlon Q4 standalone net loss at Rs 183 cr

Mumbai, June 28 Suzlon Energy has posted a standalone net loss of Rs 183 crore for the quarter ended March 31, 2009 as against a net profit of Rs 482 crore in the corresponding quarter of the previous year. Income from operations fell 25 per cent to Rs 2,037 crore from Rs 2,744 crore.

The company, which makes wind turbines, was hit by an FCCB (foreign currency convertible bond) loss of Rs 303 crore, Rs 128 crore mark-to-market loss and rotor blade retrofitting costs of Rs 103 crore.

Full-year numbers

Net loss for 2008-09 was Rs 469 crore, down from a profit of Rs 1,265 crore in the preceding fiscal. Income from operations was up four per cent to Rs 7,235 crore from Rs 6,926 crore posted in 2007-08.

As on June 25, its order book stood at Rs 7,901-crore for manufacturing 1,463 MW of turbines.

‘Rebound in 2010’

“Despite a challenging period, we registered a strong topline growth in 2008-09, with sales growing to Rs 26,082 crore. While there is an industry slowdown in the immediate-term, we see a rebound in calendar year 2010 with long-term drivers gaining momentum,” said Mr Sumant Sinha, Chief Operating Officer, Suzlon Energy, at a press meet here on Sunday.

He added that the company expected its consolidated net profit this year to rise on flat revenues. There were also a number of one-off losses like the blade retrofit programme and currency fluctuations.

Suzlon lost sales last year after some V2 blades, it supplied, cracked. The replacements will be completed in mid-August, two months behind schedule.

“The company does not see any more provisioning for the blade retrofit programme,” Mr Sinha said.

As for the stake sale in Belgium-based gearbox manufacturer, Hansen Transmission, he said, “We have made a public statement to the stock exchanges that we are at an early stage of transaction for a sale of some or all the stake in Hansen. When any development takes place we shall inform it to the public.”

Mr Sinha was also non-committal about when Suzlon would sign a domination agreement for REpower of Germany. The company had, in early June, bought 91 per cent in REpower but cannot exercise complete control unless it signs the agreement to the satisfaction of all minority shareholders.

Suzlon has a net debt of Rs 11,800 crore and ways are being worked out to reduce working capital needs.

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Suzlon looks to cut manufacturing costs for REpower
Suzlon says it is considering options for its stake in Hansen Transmissions
Suzlon Energy promoters sell 2% stake, raise Rs 230 cr

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