Indosolar Ltd. announces Q3FY10-11 numbers
Registers first time profit in a quarter
Q3 FY10-11 Results (all comparisons with Q2 FY10-11)
- Revenues at Rs 220.93 crore, up by 36.68% from Rs 161.64 crore
- Net Profit at Rs 0.46 crore, up from Loss of Rs 30.52 crore
- EBITDA at Rs 29.89 crore, up from negative of Rs 0.37 crore
Indosolar Limited, India’s leading manufacturer of photovoltaic solar cells, today announced its results for Q3 FY10-11. The company stated that it has recorded a total income of Rs 220.93 crore in Q3 which is up by 36.68% from Rs. 161.64 crore in the trailing quarter (Q2 FY10-11). The company registered profit of Rs. 0.46 crore during the Q3 as compared to loss of Rs. 30.52 crore in Q2. The turnaround in revenues and consequent profitability is the result of operational efficiencies.
May be noted that the current quarter and year to date figures are not comparable to the corresponding previous year quarter and year to date figures, respectively as the Company was in the start-up phase and had commenced its commercial production on 17th July 2009 including the fact that the company had significantly increased its capacity by setting up additional line for manufacture of solar cells on 17th March 2010.
Comparing the results with Q2 of current financial year, company has shown a notable change in operating results. EBITDA has gone up to a positive figure of Rs 29.89 crore from a negative of Rs 0.37 crore in Q2.
Highlights:
- Company registered first time profit in a quarter
- The swing to profit is the result of better capacity utilization along with cost effective management initiatives
Commenting on the results, Mr. S. Venkataramani, CEO, Indosolar Ltd. said, “The solar energy sector will witness increasingly strong demand due to global focus on renewable energy solutions. Focus on cost management measures along with improved operational efficiencies has helped the company to register a turnaround.”