India

India

Suzlon's 1H results "disappointing" says Tanti

INDIA: Suzlon Group has announced revenue of $1.92 billion for the first half of 2012-13, an increase of 11.2% on the previous year.

Additionally, the company said it had an order book of $6.84 billion or 5.4GW. However, chairman Tulsi Tanti was downbeat about the company's performance.

He said: "The first half of FY2012-13 has been disappointing for the Suzlon Group. Our performance was affected by macro- economic headwinds and policy uncertainties in some key markets; as well as by our internal challenges around liability management, and sub-optimal capital allocation to business operations."

Tanti added that he thought Suzlon was "head in the right direction". He pointed out the order backlog and the reception for Repower's new 3MW platform turbines as reasons for optimism.

Suzlon was able to give an update on its talks with bondholders over the company's $220 million debt, which was due to be repaid last month.

Last month, Suzlon offered to restructure the debt with a 10-year maturity period under the Corporate Debt Restructuring (CDR) mechanism. This would include a two-year moratorium on principal and interest payments.

The company said it is currenlty in talks with banks over entering CDR. If this goes well, it is believed the process could be completed by Q1 20313.

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