Moneycontrol Bureau
Shares of Suzlon surged 18 percent intraday Monday riding on its April-June quarter. The wind turbine maker’s Q1 consolidated net profit was at Rs 1,047.41 crore from a net loss of Rs 750.74 crore in the year-ago period.
The company's total income was 2,627.71 crore in first quarter compared to Rs 4,671.99 crore year-on-year. 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 31 March 2015. It has also said that it has brought down interest cost down by 36 percent quarter-on-quarter.
The board also approved proposal to issue securities (bonds) to the extent of Rs 5,000 crore 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."
At 13:23 hrs Suzlon Energy was at Rs 24.70, up Rs 2.80, or 12.79 percent on thr BSE.
(With inputs from PTI)
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