Solar cell maker Indosolar Ltd has reported a loss of Rs 29.77 crore for the March quarter. The company had posted a net profit of Rs 80.91 lakh in the quarter ended on March 31, 2015. “The solar industry has witnessed turmoil owing to significant downturn in global market due to structural over supply situation,” the company said in a BSE filing today.
However, the company said the domestic market has been showing an upturn lately due to the government initiatives to enhance solar power generation capacity in the country. It said the company expects to operate at the significant level of capacity at least till July, 2016. The companys total income operations in the March quarter was Rs 99.5 crore compared to Rs 147.63 crore in same period last year. Its total income in fiscal 2015-16 was Rs 257.68 crore compared to Rs 295.97 crore in the previous financial year. The company reported a loss of Rs 141.27 crore for the fiscal 2015-16.