Suzlon Energy rallied almost 5% to Rs 54.95 after reporting turnaround results for the first quarter ended June 30, 2011 on back of healthy sales growth in past two years.
India's biggest maker of wind turbines reported a net profit of Rs 60 crore in Q1FY12 compared with net loss of Rs 912 crore for the corresponding quarter of previous fiscal. The company has reported a net sales of Rs 4,380 crore (Rs 2,404 crore) on y-o-y.
"We are pleased to report a strong first quarter on all operational parameters with an EBIT margin of 8.1%.Our performance of is in line with our full year guidance, and we have maintained a very strong order book at $6.63 billion," said Tulsi Tanti, Chairman and Managing Director of the company.
Meanwhile, the board of directors of the company approved to raise around Rs 5,000 crore through issuance of equity shares and / or FCCB and / or GDR and / or IDR and / or FCD and / or such other equity linked instruments and / or any other instruments and / or combinations of instruments, subject to the shareholders approval.
Around one million shares have changed hands on the counter in opening deals.