Suzlon Energy Limited (SEL) has posted a net loss of Rs. 1059.0 crores for the quarter ended June 30, 2013 which was Rs. 849 crores for the similar period last year.
Performance of Suzlon, the world’s fifth largest wind turbine maker, was continue to be poor due to the rising forex losses and exceptional cost.
- Notional foreign exchange losses totaling approximately Rs 155 crore due to the extraordinary depreciation of the rupee against the US dollar and the euro.
- Exceptional costs for its restructuring program of Rs 136 crore
- Consolidated other income dropped significantly to Rs 11 crore from Rs 77 crore year-on-year.
- Consolidated income from operations also dropped 19 percent year-on-year (down 10 percent sequentially) to Rs 3,851.45 crore during April-June quarter.
However, company has managed to reduce the operational expenses by 31% compared to last quarter and brought down the working capital-to-sales ratio to 11.4% from 13.6% of last quarter.
Further, according to the company officials the non-critical asset divestment program continues to be on track.
As said by company, the consolidated group order book stood at 5.36 GW, approximately Rs 41,947 crore (USD 7.1 billion) in value, with an intake of 356 MW over Q1 FY14.
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