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On a standalone basis, wind energy major Suzlon Energy has cut its loss significantly and posted net loss after taxes of Rs 97.4 crore for the quarter ended June 30, 2015 as compared to net loss of Rs 433 crore for the same quarter of 2014.
Total income for the company has increased to Rs 1,258 crore from Rs 868 crore respectively in the two quarters under review, signifying a growth of nearly 45% year on year.
On a consolidated basis, the Group has turned around, posting a net profit after share in minority interest during Q1 16 of Rs 1,047 crore against where a net loss of Rs 751 crore in the three month period ending June 30, 14. Total income stood at Rs 2,643 crore against Rs 4,684 crore.
On January 22, 2015, AE Rotor Holding B.V. a step-down wholly owned subsidiary of the Company and its subsidiaries signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE. The closing was subject to customary dosing conditions which got concluded on April 29, 2015 and therefore, consolidated financial results of Senvion SE and its subsidiaries for the month of April 2015 has been considered for consolidation. Accordingly, the consolidated financial results for the quarter ended June 30, 2015 are to that extent not comparable with the prior period presented, Suzlon said in a statement to the BSE.
In a statement, Tulsi Tanti, Chairman, Suzlon Group said, “Our Q1 performance reflects our turnaround journey.”
The Group’s consolidated net debt (excluding FCCB) is down to Rs. 7,010 crore from Rs 14,821 crore. It has an order book of 1107 MW valued at Rs 6,839 crore.
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