Suzlon Energy Ltd., India's largest wind turbine manufacturer, reported second-quarter stand-alone loss that widened from last year on lower volumes.
Stand-alone Results
The company reported second-quarter stand-alone net loss of Rs.184.91 crore or Re.1.20 per share, compared with a net profit of Rs.16.98 crore or Re.0.11 per share in the corresponding quarter last year.
The company said the net loss for the reported quarter included a one-time forex loss of Rs.20.70 crore, and a gain of Rs.9.39 crore on restructuring and refinancing of financial facilities. In the previous year quarter, the company reported a total charge of Rs.277.80 crore on forex loss, blade restoration and consequential generation/availability charges, and mark-to-market losses on foreign exchange forward/option contracts.
For the quarter, net revenue plunged 72% to Rs.616.02 crore from Rs.2,226.25 crore in the year-ago quarter, while other operating income totaled Rs.11.27 crore from Rs.8.22 crore for the same period last year.
Six-Months Results
Suzlon's stand-alone net loss for Apr-Sept 2009 period totaled Rs.345.38 crore, compared with a net profit of Rs.105.02 crore in the corresponding period last year. Total revenue, including other operating income plummeted 75% to Rs.942.24 crore from Rs.3,707.71 crore for the six months ended September 30, 2008.
Consolidated Results
The Ahmedabad-based company posted second-quarter consolidated net loss of Rs.355.52 crore or Rs.2.31 per share, while it posted a net loss of Rs.22.84 crore or Re.0.15 per share in the second-quarter of 2008.
The company said the consolidated results for the half-year included the figures of REpower from June 6, 2008. REpower became its subsidiary effective June 2008 and hold 90.72% stake as at the end of September 2009.. Therefore, the consolidated financial results for the half-year ended September 2009 are not comparable with the results of the prior period.
For the quarter, the company's total revenue, including other operating revenues, amounted to Rs.4,835.23 crore, whereas it was Rs.6,979.39 crore in the prior year quarter.
During the quarter, revenue from Wind Turbine Generator segment was Rs.3,901.71 crore, while that of Gear Box totaled Rs.1,032.20 crore. Revenue for the quarter from Foundry and Forging was Rs.10.55 crore, where as revenue from others amounted to Rs.16.41 crore.
Six-Months Results
For the first six months, Suzlon's second-quarter consolidated net loss was Rs.808.19 crore, whereas the company reported a net loss of Rs.13.54 crore in the corresponding period a year-ago. Total revenue, including other operating income, amounted Rs.9,006.58 crore, while it was Rs.10,108.36 crore for the comparable period last year.
As at the end of September 2009, Suzlon Energy order book stood at Rs.8,285 crore, comprising Rs.685 crore of domestic orders and Rs.7,600 crore of export orders. In addition to this, the order book position for component business is Rs.1,080 crore as on date. The order book positions do not include the orders of Hansen and REpower, the company said.
Suzlon revised its fiscal year guidance and now expects to achieve 1,900 MW to 2,100
MW generation.
The Chairman and Managing Director, Tulsi R. Tanti, said: "We are starting to see a recovery across global markets with finance returning. New energy policies and stimulus packages in the EU, US, China, Australia, India and emerging markets, indicate rising acceptance of the challenges of climate change and a growing appetite for renewable energy solutions. Our wide range of onshore and offshore solutions, for virtually any market, puts the Suzlon Group in a position to take advantage of the next phase of growth. As the global economy picks up, our priority is to ensure that we are well positioned to win and capitalize on new opportunities around the world."
At the BSE, Suzlon Energy closed Friday's trading at Rs.66.90, down by re.4.45 or 6.24% on a volume of 131.96 lakh shares.
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