BackIndosolar 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
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New Delhi: Indosolar Ltd’s stand-alone net loss widened to 39.87 crore in the first quarter ended on 30 June 2016-17. It had reported net loss of 25.01 crore for the April-June quarter of the last fiscal year 2015-16.
The company’s total income from operations increased to 93.84 crore in the first quarter of the current fiscal, compared with 51.18 crore in the year ago period.
Indosolar said in a BSE filing on Monday that it had recorded a net loss of 141.27 crore in the fiscal year ended 31 March 2016. Its net loss in the January-March quarter last fiscal year was 29.77 crore.
Its finance cost or interest on borrowing was 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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