Suzlon Energy Reports Quarterly Loss as Orders Decline
Suzlon Energy Ltd. (SUEL), the Indian wind-turbine maker seeking an extension on defaulted debt, reported a fiscal third-quarter loss as orders slumped 17 percent.
The net loss was 10.9 billion rupees ($174 million) in the three months through December, compared with a loss of 11.5 billion rupees a year earlier, the Pune-based company said today in an e-mailed statement. Orders fell to 913 megawatts from 1,104 megawatts.
Suzlon, which failed to repay investors in October 2012 after turbine prices slumped amid overcapacity, is seeking a five-year extension on $209 million of defaulted debt, three people with knowledge of the matter said this month.
The shares dropped 0.9 percent to close at 10.95 rupees in Mumbai, extending their decline in the past year to 54 percent.
Suzlon’s services business in India, which operates and maintains turbines, will be spun off into a separate company to help bolster revenue, Chairman Tulsi Tanti said in the statement. “This has been a disappointing quarter,” he said.
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