Suzlon Energy hit a lower circuit limit of 5% at Rs 9.70 at 11:54 IST on BSE after the company reported a net loss of Rs 782.37 crore in Q2 September 2013 compared with a net loss of Rs 807.74 crore in Q2 September 2012.
The result was announced after market hours on Wednesday, 30 October 2013.
Meanwhile, the BSE Sensex was up 26.11 points, or 0.12%, to 21,060.08.
On BSE, 42.82 lakh shares were traded in the counter compared with average volume of 21.70 lakh shares in the past one quarter.
The stock hit a high of Rs 10.10 so far during the day. The stock hit a record low of Rs 5.72 on 28 August 2013. The stock hit a 52-week high of Rs 26.90 on 6 February 2013.
The stock had outperformed the market over the past one month till 30 October 2013, rising 57.16% compared with the Sensex's 8.54% rise. The scrip had also outperformed the market in past one quarter, rising 47.83% as against Sensex's 8.71% rise.
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The small-cap company has an equity capital of Rs 432.43 crore. Face value per share is Rs 2.
Suzlon Energy's total income fell 16.66% to Rs 4820.54 crore in Q2 September 2013 over Q2 September 2012.
The company said one time group-wide restructuring costs, under project transformation, stood at Rs 67 crore, and losses due to unfavourable currency fluctuations added Rs 70 crore in Q2 September 2013.
The consolidated group orderbook stood at 5.1 gigawatts (GW), approximately Rs 43834 crore, with an intake of 395 megawatts (MW) over Q2 September 2013.
Suzlon Group completed the divestment of 75% stake in its China manufacturing subsidiary for $28 million. The joint venture model serves a dual strategy by allowing the company to migrate to an asset light model in China, while maintaining a presence in this important market, the company said in a statement.
Mr Tulsi Tanti, Chairman - Suzlon Group, said: "Despite significant challenges our business is improving steadily. As part of our strategic initiatives, we have strengthened our product portfolio, adding a new turbine variant designed specifically for low wind sites in developed economies; we secured entry into Uruguay, one of the most promising Latin American markets; and, divested 75% of our China subsidiary, converting it into a joint venture which helps us maintain a foothold in the world's largest market. Looking ahead, we see an evolving - but promising - market for wind energy worldwide; and with the actions we are taking, we see a sustainable outlook for Group in the long term."
Mr Kirti Vagadia, Group Head of Finance, said: "While we continue to progress on the operational front, we reported a significant net loss primarily driven by lower volumes, the impact of the depreciating Rupee, and restructuring costs. We are, however, pleased to report a positive EBITDA (net of forex) in Q2 after five quarters. We continue our focus on increasing volumes while optimizing fixed costs, opex and working capital, which will enable us to improve our financial performance. We believe we are on the way to recovery, and while this has taken longer than envisaged, with the support of our key stakeholders we are on our way to achieve this."
The Suzlon Group is ranked as the world's fifth largest wind turbine supplier, in terms of cumulative installed capacity and marketshare, at the end of 2012. The company's global spread extends across Asia, Australia, Europe, Africa and North and South America with over 22,500 MW of wind energy capacity installed, operations across over 30 countries.
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