Suzlon posts Rs47.84 crore Q1 profit
New Delhi: Renewable energy solution provider Suzlon Energy posted a consolidated net profit of Rs47.84 crore in the quarter ended 30 June 2017 on the back of higher income.
The company had reported a consolidated net loss of Rs263.40 crore in the quarter ended 30 June 2016, Suzlon Energy said in a BSE filing on Friday.
According to the statement, the company’s total income from operations increased to Rs2,701.12 crore in the quarter under review, up from Rs1,669.66 crore a year ago.
The board also approved the proposal of issuance of non-convertible debentures (NCDs) of up to Rs900 crore in one or more tranches on private placement basis for replacement of existing debt subject to approval of shareholder in ensuing annual general meeting.
“We continue to achieve profitable growth as evidenced by the fourth consecutive quarter of delivering net profit. We are confident this momentum will continue,” J.P. Chalasani, Suzlon Energy CEO, said in a statement.
The company’s chief financial officer Kirti Vagadia said, “Our continued focus on cost optimization has helped us to secure a healthy bottom line and gives us operating leverage. In order to cope with the temporary uncertainties in the domestic market, we have further strengthened our risk management in order to maintain our margins.”