Home / Market / Stock-market-news /  Suzlon gains 10% as company posts operating profit after seven quarters
Back

Mumbai: Wind turbine maker Suzlon Energy Ltd’s shares rose as much as 10% after its earnings before interest, taxes, depreciation, and amortization (Ebitda) for the March quarter turned positive after a gap of seven quarters.

Its net loss for the quarter ended 31 March declined to 603.45 crore from 1,912.72 crore in the year-ago period, helped by cost reductions and restructuring of operations.

The company turned Ebitda-positive and Ebit-positive after a gap of seven quarters, said Kirti Vagadia, Suzlon’s group head of finance. Ebitda is a measure of operating profitability while Ebit stands for earnings before interest and tax.

Income from operations rose 53.23% to 6,645.05 crore in the three months ended March compared with 4,336.44 crore a year ago. The company swung to an operating profit of 328 crore from an operating loss of 594 crore in the same period.

The debt-laden company has plans to raise about 1,000 crore from the sale of non-core assets this fiscal year.

At 10:18am, Suzlon Energy shares were trading at 24.15 on BSE, up 9.97% from their previous close, while India’s benchmark Sensex rose 0.4% to 24,338.39 points.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout