Suzlon's Q2 net loss narrows to Rs 118 cr

Company had posted Rs 656 cr loss in year-ago quarter, has order book of Rs 6,812 cr

 

Wind turbine manufacturer Suzlon has posted a net loss of Rs 118.1 crore for the quarter ended September 30, compared to Rs 656.2 crore for the corresponding quarter last year. Total income rose to Rs 5,391.7 crore from Rs 1,796.3 crore.

The company had posted a net profit of Rs 1,047 crore in Q1FY16 after it had reported loss of Rs 6,538 crore in Q3FY15 and Rs 1,212 crore in Q4 FY15.

The company's sales volume was up 64 per cent to 227 Mw year-on-year and 18 per cent normalised EBITDA, which is highest during the past five years. The firm's gross debt reduced by Rs 963 crore q-o-q.

Group CFO Kirti Vagadia said,'' We continue to demonstrate solid operating performance in Q2FY16 with steadily increasing volumes and improved normalised EBITDA margins of 18 per cent. Our strong order book at Rs 6,812 crore gives us a clear visibility going forward. We continue to control our fixed cost and net working capital. The significant improvement in our credit rating to investment grade has been a huge credibility booster to all our stakeholders.''