Suzlon Energy Q3 loss narrows to Rs113 crore

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New Delhi: Suzlon Energy’s consolidated net loss has narrowed down to Rs.113.17 crore for the third quarter ended 31 December, on the back of increased volume and better operating margins.The loss in the year-ago period was at Rs.6,538.68 crore, Suzlon Energy said in a regulatory filing.“The consolidated net loss has narrowed because of increased volume and better operating margins,” said Suzlon Group chief financial officer Kirti Vagadia said. The total income for the company declined to Rs.1,891.30 crore from Rs.4,977.15 crore in the corresponding quarter of the previous fiscal.“We continue to deliver strong volumes and Ebitda. Our leverage and interest cost remains at lower levels compared to last year. The additional working capital facilities sanctioned by our bankers are sufficient to fuel our business growth, enabling us to scale up volumes rapidly,” Vagadia said.“On 22 January, 2015, AE Rotor Holding BV, a step-down wholly-owned subsidiary of the company and its subsidiaries signed a binding agreement with Centerbridge Partners LP, USA to sell 100% stake in Senvion SE,” the company statement said.The closing was subject to customary closing conditions, which got concluded on 29 April, and therefore, consolidated financial results of Senvion SE and its subsidiaries for the month of April 2015, has been consideration consolidation.       “Accordingly, the consolidated financial results for the quarter and nine months ended 31 December, 2015 are to that extent not comparable with the prior period presented,” the filing said.

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