Suzlon Group, India's leading wind turbine manufacturer on Friday reported results for the first quarter of financial year 2015-16.
Shares rose more than 10 per cent after the company reported net profit of Rs 1,047 crore for the June qaurter, against a net loss of Rs 751 crore in the last year same quarter.
Also, the company's consolidated net debt was lower at Rs. 7,010 crs from Rs 14,821crs as of 31st March 2015. Interest cost was also down by 36 per cent QoQ.
The company said that it will focus on the Indian market as well as North America, China and Brazil. There will also be focus on leveraging technology to reduce cost of energy.
The company stood at Rs 3,070 crs of liquidity to capture strong growth opportunity, added further.
Commenting on the results, Mr. Tulsi Tanti, Chairman, Suzlon Group said that "Our Q1 performance reflects our turnaround journey. Our strategic vision incorporates the government's renewable energy target of 175 GW by 2022 and the conducive policy landscape.
Shares of the company was seen trading at Rs 24.10 on BSE at 10.54 AM IST. It touched an intra-day high of Rs 24.55 during the trade.