Wind turbine maker Suzlon Energy today reported widening of consolidated net loss at Rs 1,212.06 crore for the quarter ended March 31, 2015.
The company had reported a consolidated net loss of Rs 603.45 crore in the year-ago period, Suzlon Energy said in a regulatory filing.
The company's consolidated total income during the quarter stood at Rs 4,926.38 crore, a decline of 25.8 per cent.
"Our results for FY15 were largely impacted by working capital challenges, which have now been addressed. Our business operations are now adequately funded with requisite working capital facilities to ramp up volumes.
"Our profitability and operating efficiency are enhanced as reflected by the increased EBITDA and improved net working capital ratios," said Kirti Vagadia, Head of Finance, Suzlon Group.
"The reduced leverage will lower the interest expense and principal repayment, providing more headroom to focus on business and order execution," Vagadia said.
For the year ended March 2015, the company's consolidated net loss widened to Rs 9,157.69 crore.
While, for year ended March 2014, the company's consolidated net loss was at Rs 3,519.97 crore.
The company further said its Board has given approval to embark further in the renewable sector by venturing into the solar space.
Suzlon Group Chairman Tulsi Tanti said, "We undertook various transformational steps such as Senvion sale and equity infusion to deleverage and embark on a growth trajectory... The board has further approved Suzlon's venture into solar space."
He further said that in FY16, the company's key priorities are to ramp-up volumes, improve profitability, strengthen customer centric approach and enhance its market share.
The company further said that the consolidated group order book was at 1.12 GW, worth about Rs 6,886 crore.
It further said that it has completed the sale of Senvion for "l billion euro and the proceeds to be primarily utilised towards debt reduction."
"Senvion to give Suzlon license for off-shore technologies for the Indian market, while Suzlon to give Senvion the S111-2.1 MW license for the USA market," the statement added.
It further said that "Suzlon has successfully installed and commissioned the S111 2.1 MW prototype in India and USA."
The shares of the company today aclosed 0.59 per cent down at Rs 25.20 apiece on the BSE.
