Suzlon posts Q1 net profit of Rs 1,047 cr

Wind turbine maker Suzlon Energy Ltd today posted consolidated net profit of Rs 1,047.41 crore for the quarter ended on June 30.
It had reported net loss of Rs 750.74 crore in the quarter ended on June 30, 2014, the Suzlon Energy Ltd in BSE filing today.
The company's total income was 2,627.71 crore in the quarter ended on June 30, 2015, compared to Rs 4,671.99 crore in the year ago period.
The company said its consolidated net Debt (excluding Foreign currency convertible bonds) was down to Rs 7,010 crore from Rs 14,821 crore as of 31st March 2015. It has also said that it has brought down interest cost down by 36 per cent quarter-on-quarter.

The financial results for the first quarter of 2015-16 fiscal were approved by the board of directors of the company in its meeting held today.
The board also approved the proposal to issue securities (bonds) to the extent of Rs 5,000 crores subject to shareholders' approval.

Suzlon Group Chairman Tulsi Tanti said: "Our Q1 performance reflects our turnaround journey. Our strategic vision incorporates the government's renewable energy target of 175 GW by 2022 and the conducive policy landscape. This year, we expect to supply 100 turbines of the S111."
The board also approved appointment of Kirti J Vagadia as Group CFO with effect from August 1, 2015 and acceptance of resignation of Amit Agarwal as the CFO of the Company.

The proposal for formulation of Employee Stock Option Plan 2015 (the "ESOP 2015") of the Company for the employees of the Company and its subsidiaries, was also approved.
Besides, the variation in the terms of Special Employee Stock Option Plan 2014 (the "Special ESOP 2014") of the Company by extending the exercise period by 2 (Two) years was also cleared by the Board.
The company scrip closed flat at Rs 21.90 on the BSE.