Mumbai: Wind turbine maker Suzlon Energy Ltd on Monday said that its consolidated loss in the quarter ended 31 March narrowed to ₹ 270.55 crore as against a loss of ₹ 1212.06 crore in the year-ago period, helped by lower expenses and faster execution of projects.
Revenue, however, fell about 34% to ₹ 3,244.93 crore from ₹ 4,908.83 crore a year earlier.
Total expenses fell 43.7% to ₹ 2972.50 crore as the company lowered its fixed costs.
The company had in April merged its subsidiaries SE Blades Ltd, SE Electricals Ltd and Suzlon Wind International Ltd with itself to optimize working capital and reduce costs.
An analyst polled by Bloomberg expected Suzlon to report a consolidated net profit of ₹ 212.6 crore on a net sales of ₹ 3384.3 crore for the three months ended 31 March.
For the full-year, Suzlon reported a consolidated net profit of ₹ 482.59 crore compared with a loss of ₹ 9157.69 crore a year ago.
Full-year income from operations fell 52% to ₹ 9508.45 crore.
The previous year numbers include performance of Senvion SE, which the company sold last year.
Suzlon, in January 2015, had agreed to sell its German arm Senvion SE to American private equity firm Centerbridge Partners LP for €1 billion (around ₹ 7,200 crore) to cut debt.
Annual sales volume at Suzlon Wind rose 149% to 1,131 MW and market share during the fiscal rose to 26% from 19% a year earlier, the company said in a BSE filing on Monday.
“Globally, the demand for renewables is growing with a record 64 GW installation and an investment of $329 billion during calendar year 2015. The demand for clean, sustainable and affordable power will continue especially in emerging markets," chairman and managing director Tulsi Tanti said in a statement on Monday.
The company’s full-year order book stood at 1,243 MW and is valued at ₹ 7,989 crore. Consolidated net debt, excluding foreign currency convertible bonds (FCCB), had come down to ₹ 8,452 crore in 2015-16 from ₹ 14,570 crore in 2014-15, the company said.
The results and the announcements were made after the market hours on Monday.
Suzlon’s shares were up marginally at ₹ 16.25 on BSE on Monday.