Suzlon Energy Ltd today reported a consolidated loss of Rs 181.10 crore for the quarter ended September 30, 2015.
“The group has posted a loss after share in minority interest of Rs 181.10 crore for the quarter ended September 30, 2015 as compared to net loss of Rs 656.21 crore for the quarter ended September 30, 2014,” the company said in a BSE filing.
According to the statement, on January 22, 2015, AE Rotor Holding B.V., a step-down wholly owned subsidiary of the company, and its subsidiaries signed a binding agreement with Centerbridge Partners LP, USA to sell 100 per cent stake in Senvion SE.
The deal, which was subject to customary conditions, concluded on April 29, 2015 and therefore consolidated financial results of Senvion SE and its subsidiaries for the month of April 2015 have been considered for consolidation.
Accordingly, the consolidated financial results for the quarter and half year ended September 30, 2015 are not comparable with the prior period, it said.
As per the statement, the consolidated total income of the company increased to Rs 5,391.76 crore for the quarter under review from Rs 1,796.39 crore in the year-ago period.
Suzlon Group Chairman Tulsi Tanti said, “We continue to deliver on our sustainable growth and priorities outlined for FY16. We have efficiently capitalised on the opportunities in India. Governmentu2019s thrust on clean energy supported by conducive policy actions has stimulated demand for renewables in India.”
Suzlon Group Chief Financial Officer (CFO) Kirti Vagadia said, “We continue to demonstrate solid operating performance in Q2 FY16 with steadily increasing volumes and improved normalised EBITDA margins of 18 per cent.”
“Our strong order book of Rs 6,812 crore gives us a clear visibility going forward. We continue to control our fixed cost and net working capital in a disciplined manner.
“The significant improvement in our credit rating to investment grade has been a huge credibility booster to all our stakeholders,” Vagadia added.