Suzlon Energy up 23% in a seven-day gaining streak since Q1 result

Following Suzlon's stellar Q1 show, brokerage firm Morgan Stanley reiterated its 'overweight' call on the stock.

Shares of Suzlon Energy were up in the green for the seventh session in a row, locked at 5 percent upper circuit after testing fresh 52-week high of Rs 68.22 on July 30. The stock has now surged over 23 percent since it released Q1FY25 earnings last week.

The wind energy company reported a 200 percent on year surge in its net profit to Rs 302 crore in the June quarter. The revenue too rose 50 percent to Rs 2,016 crore in the first quarter of the current fiscal, up from Rs 1,348 crore in the year ago period. Along with that, the company also recorded its largest-ever order book of 3.8 GW in Q1, which the management said provides great visibility for the future.

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"This is a good indication of our readiness to meet industry demand and leverage the tailwinds of the sector. With significant deliveries of our flagship product series, 3.x MW S144 in Q1 FY25, we are in a strong position to service our current order book," said Girish Tanti, Suzlon Group's Vice Chairman.

Following the stellar Q1 show, brokerage firm Morgan Stanley reiterated its 'overweight' call on Suzlon with a target of Rs 58.5 per share. The stock surpassed Morgan Stanley's target in this seven-day gaining streak.

The brokerage said the earnings reported showed a strong beat, with total deliveries coming in at 274 MW m better than its estimate of 250 MW.

Suzlon Energy has been a multibagger stock, delivering 277 percent returns in the past one year.

Also Read | Suzlon Energy Q1 net profit surges 200%, Morgan Stanley reiterates 'overweight' call

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