Indosolar loss widens to Rs40 crore in Q1

Indosolar’s total income from operations increased to Rs93.84 crore in the first quarter of the current fiscal year


Indosolar’s finance cost stood at Rs36 crore for the June quarter. Photo: Pradeep Gaur/Mint
Indosolar’s finance cost stood at Rs36 crore for the June quarter. Photo: Pradeep Gaur/Mint

New Delhi: Indosolar Ltd’s stand-alone net loss widened to Rs.39.87 crore in the first quarter ended on 30 June 2016-17. It had reported net loss of Rs.25.01 crore for the April-June quarter of the last fiscal year 2015-16.

The company’s total income from operations increased to Rs.93.84 crore in the first quarter of the current fiscal, compared with Rs.51.18 crore in the year ago period.

Indosolar said in a BSE filing on Monday that it had recorded a net loss of Rs.141.27 crore in the fiscal year ended 31 March 2016. Its net loss in the January-March quarter last fiscal year was Rs.29.77 crore.

Its finance cost or interest on borrowing was Rs.36 crore for the quarter under review as per the interest rate approved under CDR (corporate debt restructuring) I package.

The company said the actual interest (cost) may vary after finalization of proposal under consideration of the consortium of banks.

The company had, during the year ended 31 March 2015, made a reference to Board of Industrial and Financial Reconstruction on 25 November 2014 in accordance with the requirement of Sick Industrial Companies Act, 1985.

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