Suzlon's Q4 net loss narrows down to Rs 603 cr; stock rallies

MUMBAI: Renewable energy major Suzlon Energy gained nearly 10 per cent in trade today following a drop in net loss for the quarter ended March 2014.

The stock closed the day at Rs 24.15; up 9.97%, on the BSE.

The company reported net loss of Rs 603 crore during Jan-March quarter as against a net loss of Rs 1,910 crore, in the same quarter last fiscal.

Sales during the quarter increased to Rs 6,650 crore, up 53 per cent, from Rs 4,340 crore, in year-ago period.

According to media reports, the company is planning to raise Rs 1,000 crore from sale of non-core asset in FY15.

"We continue to work on selling non-core assets. We expect to raise around Rs 1,000 crore through sale of non-crore assets this fiscal (2014-15)," Suzlon Group Head of Finance Kirti Vagadia told PTI.

The wind energy major has already mopped up more than Rs 700 crore by selling two non-core assets. Suzlon realised about Rs 550 crore from the sale of US-based Big Sky wind farm and around Rs 173 crore by offloading stake in a Chinese manufacturing facility.