Impacted by foreign exchange losses and an adverse business environment, Suzlon Energy, the world’s third-largest wind energy turbine supplier, has posted a net loss of Rs 253.6 crore for the quarter ended December, as against a net profit of Rs 14.1 crore in the corresponding quarter of the previous year.
Consolidated total income fell to Rs 4,497 crore, 19.8 per cent lower as compared to Rs 5,608 crore for the corresponding quarter of the previous year.
“Notional forex losses have impacted our reported bottom line due to the significant volatility in the euro-rupee exchange rates. But we have achieved a marked improvement in business performance over the past three quarters,” said Robin Banerjee, chief financial officer.
However, the group reported its largest-ever order book, valued at $7.3 billion (Rs 33,000 crore). Suzlon has orders for 2,578 Mw (Rs 14,600 crore), which include 1,624 Mw (Rs 9,300 crore) domestic orders and 954 Mw (Rs 5,300 crore) international ones. Its subsidiary REpower’s order book is at ¤2.9 billion (2,458 Mw).
“I am pleased to report that our group performance is steadily improving. Emerging, offshore and key matured markets are showing sustained momentum”, said Tulsi R Tanti, chairman and managing director. He said the global market for wind energy was improving and there has been a steady increase in financing for new wind energy projects, quarter on quarter, from $18 bn in Q1 of 2010 to $26 bn in the third quarter of the same year.
