Wind turbine supplier Suzlon Energy has posted a
consolidated net loss of Rs 808 crore in the July-September quarter of FY13 as
against profit of Rs 48 crore in the corresponding quarter of last fiscal.
Consolidated income from operations increased 11 percent to
Rs 5,702 crore from Rs 5,131 crore during the same period.
Forex loss for the quarter was Rs 24.4 crore as against loss
of Rs 83.5 crore in a year ago period.
"The first half of FY2012-13 has been disappointing for
the Suzlon Group. Our performance was affected by macro-economic headwinds and
policy uncertainties in some key markets; as well as by our internal challenges
around liability management, and sub-optimal capital allocation to business
operations," Tulsi Tanti, Chairman Suzlon Group said.
Suzlon has defaulted in repayment of Rs 1,102.7 crore for
FCCBs due. It has been in talks with FCCB holders on various solutions on dues
settlements.
In the last week of October, the Suzlon Group has initiated
discussions with its senior secured lenders and plans to restructure its debt
with a maturity period of ten years under the CDR mechanism, including a
two-year moratorium on principal and interest payments on term-debt.
“This is an important step towards stabilizing our business
by enhancing liquidity and injecting additional working capital. We believe
this will help us to safeguard the interests of our key stakeholders, including
customers and vendors," the company said.
The stock fell 0.64 percent to close at Rs 15.50 on the
Bombay Stock Exchange.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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