Suzlon Energy shares fell up to 4 percent in early trade on Wednesday after the company reported its June quarter results and announced the resignation of its chief financial officer.
The company posted a 7.3 percent rise in consolidated net profit at Rs 324.32 crore for the first quarter of the current financial year as against Rs 302.29 crore in the same period last year. The company reported that its total revenue from operations grew 55 percent to Rs 3,132 crore in the quarter under review from Rs 2,021 crore in the same period, a year ago.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 62.4 percent to Rs 598.2 crore from Rs 368.3 crore a year ago, while the margin improved to 19.1 percent from 18.2 percent.
At 10:18 am on August 13, Suzlon shares were trading 3% lower at Rs 61.19 apiece.
Global brokerage Nuvama said the performance, driven by execution of 444 MW, was slightly below its expectations, with revenue 6 percent lower than projected due to softer realisations from a reduced EPC mix. It cut the target price on the stock to Rs 67 from Rs 68, reported Business Today.
Investec retained its ‘buy’ rating with a target price of Rs 70, citing strong execution, a record-high order book, net cash position and healthy return ratios.
The company said CFO Himanshu Mody will step down on August 31, 2025, and that a replacement is in the final stages of selection.
Meanwhile, shares of Sammaan Capital gained nearly 7 percent over the last two sessions after CNBC-TV18 reported that Mody will take a leadership role at the housing finance firm
Shares of Suzlon fell to an intraday low of Rs 60.32 per share on the NSE.
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