Leading renewable energy major, Suzlon Energy has reported a net loss of Rs. 286 crore for the third quarter till December of 2011.
The loss of Rs. 286 crore was higher than market expectations as the company faced increase in interest costs and provision for deferred taxes. The company has reported a net loss of Rs 254 crore in the same quarter of the previous year.
On the positive side, the revenues of the company grew 12 per cent in the quarter. Its interest burden rose by 21 per cent to Rs. 358 crore in the quarter. The company ahs reduced its estimates for full-year sales to as low as Rs 21,000 crore, it said in a statement.
Tulsi Tanti, chairman-Suzlon Group said that the guidance for the financial year 2011-12 were revised to between Rs. 21,000 crore - Rs 22,000 crore and EBIT margin has been reduced to 5 to 6 per cent.
"However, it is unfortunate that inspite of having our best-ever orderbook of 5,755 MW, we have had lower volumes in Q3 FY12, leading to a downward revision of our full-year guidance. These lower volumes were primarily due to an extended monsoon in India, grid infrastructure delays in China, and a procedural delay in closing our new working capital facilities," he said.
The turbine maker has announced in early January that it has entered into a deal with state of Andhra Pradesh to install capacities to generate about 3,000 mw of power till 2016 through wind energy. Suzlon has already signed a memorandum of understanding (MoU) with the Andhra Pradesh government for setting up of the wind farms.