The standalone wind turbine-making company Suzlon Energy Ltd has pruned its Q1 15 loss to Rs 433 crore versus Rs 640 crore in the first quarter of the last fiscal.
The company’s income from operations in the quarter under review also declined to Rs 817 crore versus Rs 947 crore in the same period of 2013.
On a consolidated basis, the group’s losses in the two quarters being compared stood at Rs 750 crore and Rs 1,061 crore respectively. The current year, however, saw consolidated income rise nearly 20 per cent to Rs 4,672 crore versus Rs 3,897 crore in Q1 14.
In a statement, Kirti Vagadia, head of finance, said, “We have posted a positive EBIDTA for the second consecutive quarter at the consolidated level. We continue to maintain a strong order book at 4.9 GW, valued at $7 billion.”
Earlier this month, following necessary approvals, the company approved the allotment of restructured bonds of $546.92 million to the holders of the existing bonds. After the consent solicitation memorandum, the restructured bonds will mature on July 16, 2019, and the existing zero coupon October 2012 series, 7.5 per cent October 2012 series and 2014 series will cease to exist.
In an explanatory note, Suzlon said of the existing $175 million 5 per cent April 2016 series, $146.20 million of the principal amount has been substituted by the restructured bonds and $28.80 million of the principal amount remains outstanding.
Hence, the foreign currency monetary item translation difference account as on June 30, 2014 relating to restructured bonds of 5 per cent April 2016 series amounting to Rs 103.43 crore has been charged off in the statement of profit and loss and disclosed as exceptional items.