Suzlon Energy Ltd on May 24 reported a 9 percent fall in consolidated net profit at Rs 254 crore in the quarter ended 31 March, 2024. The company had posted a net profit of Rs 280 crore in the year-ago period.
Revenue from operations increased 29 percent to Rs 2,179 crore in the quarter under review from Rs 1,689 crore in the same period lat fiscal.
Post the quarterly earnings report, shares of Suzlon Energy closed nearly 5 percent to hit lower circuit at Rs 45.89 apiece on BSE. The stock has gained 9 percent in last one month and 19 percent in year-to-date.
Suzlon Energy's EBITDA for the March quarter increased by 54 percent year-on-year to Rs 357.2 crore, while margin expanded by 260 basis points to 16.3 percent from 13.7 percent last year.
In its earnings presentation, Suzlon mentioned that it has closed financial year 2024 with its largest ever order book at 3.3 GW. It recently won a repeat 402 MW order from Juniper Green Energy.
It also ended the year with a net cash balance of Rs 1,148 crore.
Suzlon Group Vice Chairman Girish Tanti said that the company has added many Indian conglomerates to its customer portfolio with long-term relationships with repeat orders.
"We have been able to create a solid foundation over the last FY across all business verticals of technology, manufacturing, projects, and OMS. This positions the company strongly to lead the sector in years to come," Tanti said.
"We continue to maintain a cost‐conscious approach even while factoring in our growth plans. Our priority remains timely execution of our order book, and I believe that we are moving in the right direction," Suzlon Group CFO Himanshu Mody said.
Recently, the renewable energy solutions provider had said it has bagged new orders for the development of 402 MW wind energy projects from Juniper Green Energy.
Suzlon will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan, a company statement said.
As part of the agreement, Suzlon will supply the wind turbines and execute the project including foundation, erection, and commissioning.
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