Suzlon's quarterly loss narrows to Rs 750 crore

NEW DELHI: Wind turbine maker Suzlon Energy saw its net loss come down to Rs 750.74 crore in the three months ended June 2014, mainly on the back of higher income.

The company had incurred a net loss of Rs 1,058.90 crore in the same period a year ago. The figures are after taking into account the share in minority interest, it said in a statement today.

In the first quarter (ended June) of current fiscal, the firm's total income climbed to Rs 4,671.99 crore from Rs 3,896.71 crore in the year-ago period, reflecting an increase of about 20 per cent.

"The recent Union Budget includes several policy measures which will have a positive impact on the wind energy sector in India.

Suzlon is well positioned to tap these opportunities by leveraging on its strengths. We stand committed to build on our technological edge and offer new age products and best in class services," Suzlon Energy Chairman Tulsi Tanti said.

According to the wind turbine maker, there has been sustained increase in sales volumes and the re-instatement of accelerated depreciation policy would "bolster growth for the wind energy sector".

"We continue to maintain a strong order book at 4.9 GW, valued at USD 7 billion. On the liability management front, we have successfully completed last leg with the restructuring of FCCBs (Foreign Currency Convertible Bonds)," Suzlon Energy's Group Head of Finance Kirti Vagadia said.