Suzlon reports Rs 1,047-cr net

Wind turbine maker Suzlon posted a net profit of Rs 1,047 crore in the June quarter of 2015-16, against Rs 750-crore loss in the same period last year, due to reversal of provision in its account books.

The company, however, said it delivered its best quarterly result after three years, reported operating margin of 15.3 per cent and lowered its debt costs. Excluding the exceptional gain of Rs 1,314 crore, it made a loss of Rs 279 crore in the quarter under review.

However, the loss was lower at Rs 630 crore (before exceptional items) in comparison to the June quarter of 2014-15. A Suzlon spokesperson said the "exceptional gain primarily pertains to release of foreign currency translation reserve", which was created at the time of the sale of its German subsidiary Senvion to private equity firm Centrebridge.

Kirti Vagadia, group head of finance, Suzlon Group, said "Our key priority is to execute strong order book of 1107 MW and maintain momentum in the order intake."