Suzlon Energy Q4 loss at Rs 188 cr

Written by Press Trust of India | New Delhi | Updated: Jun 1 2010, 02:00am hrs
Wind power major Suzlon Energy on Sunday reported a consolidated loss of Rs 188.47 crore for the fourth quarter ended March 2010, whereas it had a profit of Rs 314.89 crore during the corresponding period a year earlier.

Total income of the firm stood at Rs 6,174.58 crore during the March quarter of FY10, while the same was at Rs 9,321.23 crore during the same period a year ago. Figures of the current period are not comparable with the results of corresponding period a year earlier, as REpower has became a subsidiary of Suzlon with effect from June, 2008, it said in a filing to the BSE.

Meanwhile, Suzlon said it will issue shares on the rights basis to reduce debt further.

The terms and conditions of the rights issue including the ratio, the issue price, record date, timeline, will be decided by a special committee of board. The board met on May 29.

"This has been a difficult year for the wind energy. While market conditions continue to be challenging, we have made encouraging progress. We are working on improving order pipelines the world over," Suzlon Energy CMD Tulsi Tanti said.

For the full FY ended March 31, 2010, Suzlon posted a consolidated loss (after share in associate's profit & minority interest) of Rs 982.56 crore, while it had a profit of Rs 236.48 crore for the year ended March 31, 2009.