Suzlon plans to exit debt restructuring by end of FY17
DSIJ Intelligence / 09 Jan 2017
Suzlon Energy (Suzlon) has been successful in reducing its debt by 50 per cent in the last one year. Its total debt has been reduced by 35.82 per cent to Rs 11,431 crore in FY16 as compared to the previous financial year.
Suzlon Energy (Suzlon) has been successful in reducing its debt by 50 per cent in the last one year. Its total debt has been reduced by 35.82 per cent to Rs 11,431 crore in FY16 as compared to the previous financial year. The company is aiming to further reduce the debt by Rs 400 to Rs 500 crore in the current fiscal.
Suzlon's current debt-to-equity (D/E) ratio stands at -1.6x due to negative reserves and interest coverage at 0.7x. However, the company has posted net profit for the first time in FY16 after six consecutive years of net losses since FY10.
Moreover, Suzlon has plans to exit debt restructuring by March 2017 and is in talks with lead bankers for the same. Going forward, the company will target markets like US and Australia to export its products, rather than doing acquisitions in the foreign markets. It will also have around 1500 MW projects to be completed in the next three years.
The share price of Suzlon Energy increased 1.9 per cent on the bourses and closed at Rs 14.99 on Monday.
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