Alstom India reports Q2 loss of Rs 55.29 cr

Alstom India today reported standalone net loss of Rs 55.29 crore for the quarter ended September 30, on account of upward revision in cost of certain projects.
The company's net profit was Rs 55.29 crore in the quarter ended on September 30, 2015 compared to net profit of Rs 86.25 crore in the same period last year, said Alstom India Ltd filing to BSE today.
Its income from operations increased to Rs 535.04 crore in the second quarter of the current fiscal, as against Rs 451.88 crore in the same period of 2014-15.
The company said the year-ago figures not comparable with the current fiscal's the earlier numbers included values for discontinued operations of auxiliary component business.

It further said that consequent to revision of cost to complete in respect of certain projects, an additional cost of Rs 126.85 crore has been accounted for during the quarter.
The company's business activity falls within single business segment i.E. Power as accounting standards.
In a separate filing, Alstom India Ltd has informed BSE that the Board of Directors of the Company has constituted a Committee of Independent Directors.
The committee will make recommendations on the open offer to the Shareholders of the Company made by GE Energy Europe B.V. ("Acquirer") and persons acting in concert with the Acquirer under the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.