Suzlon looking to cut 20% manpower costs by end-2012

INDIA: Suzlon Group has announced chairman Tulsi Tanti described the company's Q1 performance as "disappointing" after it posted a 10% revenue increase.

Suzlon chairman Tulsi Tanti... looking to cut manpower costs
Suzlon chairman Tulsi Tanti... looking to cut manpower costs

The company had a revenue of $859 million. 

Tulsi also said the company is looking to reduce manpower costs by 20% by the end of 2012, as part of 'Project Transformation', an internal programme. It applies to the whole group, including Repower.

Speaking about the results, Tanti said: "This has been a disappointing first quarter. The macroeconomic environment, policy uncertainties in some markets, along with other external factors such as the depreciating Rupee continue to impact us."

He added: "We have also made it a priority to strengthen our balance sheet significantly by de-leveraging in India. This will be a defining year for Suzlon Group, even as our sector continues to face a number of challenges. I remain cautiously optimistic that we will end the fiscal in a satisfactory position."

Last month, Suzlon has signed a $300 million loan deal to repay $360 million in foreign currency convertible bonds.

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