Suzlon Energy surged 15.75% to Rs 25.35 at 12:38 IST on BSE after the company reported consolidated net profit of Rs 1047.41 crore in Q1 June 2015 compared with net loss of Rs 750.74 crore in Q1 June 2014.
The Q1 result was announced after market hours on Friday, 31 July 2015.
Meanwhile, the S&P BSE Sensex was up 109.97 points or 0.39% at 28,224.53.
The stock jumped on heavy volumes. On BSE, so far 2.27 crore shares were traded in the counter as against average daily volume of 66.14 lakh shares in the past one quarter.
The stock hit a high of Rs 25.90 and a low of Rs 23.30 so far during the day. The stock had hit a 52-week high of Rs 31.35 on 19 March 2015. The stock had hit a 52-week low of Rs 10.89 on 22 October 2014.
The stock had underperformed the market over the past one month till 31 July 2015, sliding 1.35% compared with Sensex's 1.2% rise. The scrip had also underperformed the market in past one quarter, declining 8.37% as against Sensex's 4.08% rise.
The large-cap wind turbine manufacturing company has equity capital of Rs 1025.15 crore. Face value per share is Rs 2.
Suzlon Energy's total income dropped 43.57% to Rs 2643.08 crore in Q1 June 2015 over Q1 June 2014.
On 22 January 2015, AE Rotor Holding B.V. a step-down wholly owned subsidiary of Suzlon Energy and its subsidiaries signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE. The closing was subject to customary dosing conditions which got concluded on 29 April 2015 and therefore, consolidated financial results of Senvion SE and its subsidiaries for the month of April 2015 has been considered for consolidation. Accordingly, the consolidated financial results for the quarter ended 30 June 2015 are to that extent not comparable with the prior period, Suzlon Energy said.
Commenting on the company's Q1 results, Mr. Tulsi Tanti, Chairman, Suzlon Group said that the company's Q1 performance reflects its turnaround journey. Suzlon's strategic vision incorporates the government's renewable energy target of 175 GW by 2022 and the conducive policy landscape, Tanti said. With the company's technology pedigree, comprehensive product portfolio and over 14 GW of global installations, it is well positioned to seize the market opportunities in India and other core markets. The company expects to supply 100 turbines of the S111 this year, Tanti said.
Mr. Kirti Vagadia, Group Head of Finance, Suzlon Group said that the company demonstrated strong operational performance after addressing its liquidity challenges and delivered strong EBITDA margin of 15.3% on 205 MW in the first quarter. Q1 June 2015 witnessed significant reduction in debt and interest costs, Vagadia said. Suzlon's key priority is to execute strong order book of 1,107 MW and maintain momentum in the order intake, Vagadia said.
Suzlon Energy's board of directors at its meeting held on Friday, 31 July 2015, inter-alia, approved issue of securities to the extent of Rs 5000 crore, subject to the approval of shareholders at the ensuing Annual General Meeting (AGM) of the company.
The Suzlon Group is a leading wind turbine manufacturer in India having a global presence with spread extending across Asia, Australia, Europe, Africa and North and South America. Suzlon has over 8,600 megawatts (MW) of cumulative installations in India which is the largest in the country.
Powered by Capital Market - Live News
