Wind turbine maker Suzlon Energy reported a consolidated net loss of Rs 452.67 crore for the quarter ended June 30 as compared to a net profit of Rs 9.3 crore in the corresponding period last fiscal. Total income of the company stood at Rs 4,171.35 crore during the reporting quarter as against Rs 3,126.97 crore in the same quarter a year-ago.
?While we have registered a growth in revenues at a consolidated level, our profits have lagged due to lower quantity of sales at the Suzlon Wind level. This has been caused by multiple factors such as the delayed Union Budget impacting orders in India, and customers in international markets postponing deliveries to the second half of the financial year,? said the company?s chief operating officer, Sumant Sinha.
Sinha, however, said he believed the company would get closer to its stated guidance of 2,400-2,600-mw sales during the current fiscal, down from 2,790 mw in the previous fiscal. He expected 2010-11 to be a good year with a thrust on the renewable energy sector globally, but said the company would be impacted in the current fiscal because of the global financial meltdown.
On a standalone basis, the company posted a net loss of Rs 160.47 crore for the quarter ended June 30 against a net profit of Rs 88.04 crore in the same period last year. Total income stood at Rs 314.95 crore in the quarter under review as against Rs 1,470.59 crore in the same quarter previous year.