Suzlon Energy has plunged 9% to Rs 28.10 on reporting higher-than-expected net loss at Rs 286 crore for the third quarter ended December, due to increase in interest costs and provision for deferred taxes. India’s biggest maker of wind turbines, had posted a net loss Rs 254 crore a year earlier.
Revenues for the quarter grew 12% at Rs 4,985 crore, while interest burden increased by 21% at Rs 358 crore on year-on-year basis.
Meanwhile, Suzlon cut its forecast for full-year sales to as low as Rs 21,000 crore, according to the statement. Sales were Rs 14,500 crore in the first nine months.
“FY11-12 guidance revised to Rs. 21,000 crore – Rs 22,000 crore; with EBIT margin 5 – 6%; due to lower Q3 volumes, the company said in a filing to the stock exchanges.
“However, it is unfortunate that inspite of having our best-ever orderbook of 5,755 MW, we have had lower volumes in Q3 FY12, leading to a downward revision of our full-year guidance. These lower volumes were primarily due to an extended monsoon in India, grid infrastructure delays in China, and a procedural delay in closing our new working capital facilities,” said Tulsi Tanti, chairman–Suzlon Group.
As many as a combined 10.63 million shares have already changed hands on the counter so far on the NSE and BSE.