Suzlon trims loss by 28% in second quarter

PUNE, NOVEMBER 2, 2014:  A focus on more remunerative markets and introduction of newer products with higher margins have helped wind energy major Suzlon trim its losses in the second quarter of the current fiscal in comparison to the same quarter of last year.

The standalone entity Suzlon Energy has reported a loss of Rs.528 crore in Q2 2015 against Rs.734 crore in Q2 2014 representing a drop of around 28 per cent in loss year-on-year.

The Q2 2015 loss includes Rs.172 crore written off against losses of one of its subsidiaries that appears in the financial statement as an exceptional item.

Income in the two quarters under review rose by 25 per cent to Rs.754 crore and Rs.599 crore, respectively. On a consolidated basis, the Group posted a loss of Rs.634 crore in Q2 2015 against a loss of Rs.778 crore in Q2 2014 indicating that the company has cut its loss by around 19 per cent.

The Group’s total income also rose 11.8 per cent to stand at Rs.5,389 crore against Rs.4,809 crore in Q2 2014. Suzlon has posted its third consecutive quarter of positive EBIDTA at consolidated level moving from a loss of Rs.31 crore to a profit of Rs.114 crore.

The improved results were on account of the change in the products mix and launch of new generation products with better margins, change in the market mix and better execution of orders, Vagadia said.

On Friday, the Suzlon scrip closed at Rs.13.45 up by 1.97 per cent on the BSE.

Courtesy: The Hindu Business Line