Suzlon Energy soars on robust Q1 earnings

Net profit for Q1 was Rs 1,047 crore on exceptional gain of Rs 1,314 crore

Shares of Suzlon Energy surged nearly 10% to Rs 24 on the Bombay Stock Exchange after the company registered best quarterly results after three years on the back of improving profit margin and lower debt costs.

The wind turbine manufacturer registered a consolidated net profit of Rs 1,047 crore for the quarter ended June 30, 2015 on the back of an exceptional gain of Rs 1,314 crore, compared to a loss of Rs 750 crore in the quarter ended June 30, 2014. Operating margin for the quarter under review stood at 15.3%.

Exlcuding the exceptional gain the loss works out to Rs 279 crore for April-June 0215.

On April 29, 2015, the sale of 100% stake in Senvion SE by its step-down wholly-owned subsidiary AE Rotor Holding B.V. to Centerbrige Partners LP, USA was concluded. Hence, consolidated financial results of Senvion SE and its subsidiaries for the month of April 2015 has been considered for consolidation, Suzlon said in a release.

The stock opened at Rs 23.45 and touched a high of Rs 24.55. At 10:35AM, nearly 60 million shares were traded on both the stock exchanges.