Suzlon reports biggest quarterly loss of Rs 1,154 crore

MUMBAI: Suzlon Energy reported its biggest quarterly loss of Rs 1,154 crore in the three months to December as it performance crumbled under the weight of heavy interest burden on its huge debt and contracting sales volume.

Revenue in the third quarter of 2012-13 declined an annual 3.5 per cent to Rs 4,014 crore. The company, which has piled up Rs 14,000 crore in debt - almost twice its equity base, has reported losses for the past three years.

"Suzlon has been operating in an abnormal environment this year. Despite a strong order book we have not been able to deliver orders due to liquidity constraint," Suzlon's group Chief Financial Officer Kirti Vagadia, told ET.

Last month, lenders of Suzlon approved the loss-making company's proposal to recast debt worth Rs 9,500 crore.