Suzlon turnaround 'taking longer'

Indian wind turbine group Suzlon claimed it is still on the road to recovery despite posting another big loss for its most recent financial quarter – but admits the turnaround is taking longer than expected.

Suzlon reported a net loss of 7.82bn rupees ($128m) for its second quarter ending September 30.

That was lower than the 8.07bn loss at the same stage in 2012, but was still “significant” because of lower volumes, restructuring costs and currency factors, admitted finance chief Kirti Vagadia.

Quarterly revenues were 47.69bn rupees, ahead of the preceding three months’ figure but down on the 57bn rupees it pulled in at the same stage last year.

However, Suzlon took comfort from being able to post a positive number for the quarter – a 390m Log in to read complete article.

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