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Suzlon gains 10% as company posts operating profit after seven quarters

According to reports, wind turbine maker Suzlon Energy Ltd’s shares rose as much as 10% after its earnings before interest, taxes, depreciation, and amortization (Ebitda) for the March quarter turned positive after a gap of seven quarters.
Its net loss for the quarter ended 31 March declined to Rs.603.45 crore from Rs.1,912.72 crore in the year-ago period, helped by cost reductions and restructuring of operations.

The company turned Ebitda-positive and Ebit-positive after a gap of seven quarters, said Kirti Vagadia, Suzlon’s group head of finance. Ebitda is a measure of operating profitability while Ebit stands for earnings before interest and tax.

Income from operations rose 53.23% to Rs.6,645.05 crore in the three months ended March compared with Rs.4,336.44 crore a year ago. The company swung to an operating profit of Rs.328 crore from an operating loss of Rs.594 crore in the same period.

The debt-laden company has plans to raise about Rs.1,000 crore from the sale of non-core assets this fiscal year.

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