Mumbai: Wind turbine maker Suzlon Group said on Thursday that its net loss widened to Rs.1,154.53 crore in the quarter ended 31 December from a net loss of Rs.286.46 crore a year ago. Sales fell 19.58% to Rs.4,047.71 crore from Rs.5,033.45 crore.
The company’s Rs.9,500-crore debt restructuring plan was approved by domestic lenders on 24 January. The consortium of 19 banks also agreed to enhance working capital facilities by Rs.1,800 crore and backed a 10-year back-ended repayment plan.
Suzlon said its performance was hit by “liquidity constraints”. The approval of the debt recast “underscores the long-term viability of our business”, it said in a statement.
“While we anticipate near-term challenges will continue to impact the industry over 2013, there are some green shoots across global markets,” said chairman Tulsi Tanti.
He cited the continuation of the “production tax credit programme for wind energy in the US, the likely reinstatement of support mechanisms for renewables in India, a stable outlook for Europe, and continued growth in the offshore segment”.
That and orders of $7.7 billion “gives us confidence in the medium-term outlook for the group, and for the sector overall”, Tanti said.
Independent estimates project 2012 to be a record year for wind installations despite macroeconomic headwinds and policy uncertainties, Suzlon said.
It sees a “temporary dip” in installations in 2013, followed by sustained recovery through 2016, with the compounded annual growth rate projected at 5.5% over 2011-2016, the company said.