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Indosolar posts Rs 31.61 cr loss for July-Sep quarter

Press Trust of India  |  New Delhi 

Indosolar Ltd's standalone net loss reduced to Rs 31.61 crore in the quarter ended on September 30, 2016.

It had reported net loss of Rs 48.17 crore for the same period last year.

The company's total income from operations increased to Rs 107.36 crore in the said quarter of the current fiscal, compared to Rs 27.56 crore in the year-ago period.

"The company has continued to incur losses in the current quarter ended September 30, 2016, resulting in further erosion of its net worth which had already been fully eroded during the year ended March 31, 2014," the company said in a filing.

Accordingly, the company had, during the year ended March 31, 2015, made reference to Board of Industrial and Financial Reconstruction (BIFR) vide its letter dated November 25, 2014 in accordance with the requirements of Sick Industrial Companies Act, 1985.

As on September 30, 2016, the current liabilities exceed the current assets by Rs 1,342.19 crore.

"Despite significant downturn in global market, as a result of several initiatives by Government of India, the domestic market has been showing an upturn resulting in the Company getting orders and hence continuation of commercial production. Based on the current orders in hand (approximately 136 MW), the company expects to operate at the significant level of capacity till May 2017," it said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, November 26 2016. 20:28 IST