Suzlon Energy shares fell over 6 per cent to an intraday low of Rs 23.65 on Monday following the wind turbine manufacturer's disappointing quarterly results.
Suzlon Energy's consolidated net loss doubled to Rs 1,212 crore in the March quarter from Rs 603 crore in the same quarter of last fiscal.
According to analysts, Suzlon's losses were amplified because of exceptional items of Rs 218 crore, a large part of which was on account of forex loss of $29 million (around Rs 183 crore).
Suzlon's consolidated sales fell 26 per cent to Rs 4,927 crore in the March quarter on account of lower sales of wind turbine generators.
Management commentary:Kirti Vagadia, head of finance at Suzlon Group said FY15 were largely impacted by working capital challenges and higher finance costs.According to the management, the sale of Senvion and equity infusion in to the company will lower interest costs in the coming quarters and improve Suzlon's profitability."The reduced leverage will lower the interest expense and principal repayment, providing more headroom to focus on business and order execution," Mr Vagadia said.Shares in Suzlon Energy ended 5.36 per cent lower at Rs 23.85 apiece, underperforming the broader Sensex, which ended 0.07 per cent higher.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
