On May 24, Suzlon Energy Ltd reported a 9% decrease in its net profit for the quarter ending March 31, 2024. The company made a profit of Rs 254 crore this quarter, compared to Rs 280 crore in the same quarter last year.
Despite this, the company’s revenue from operations grew by 29%, reaching Rs 2,179 crore, up from Rs 1,689 crore in the previous year’s quarter.
Following the earnings report, Suzlon Energy’s stock fell by nearly 5%, closing at Rs 45.89 per share on the BSE. However, the stock has gained 9% in the last month and 19% since the beginning of the year.
Suzlon’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the March quarter increased by 54% year-on-year to Rs 357.2 crore. The EBITDA margin also improved, rising to 16.3% from 13.7% last year.
In their earnings presentation, Suzlon announced it finished the financial year 2024 with its largest ever order book of 3.3 GW. The company recently secured a repeat order for 402 MW from Juniper Green Energy.
Suzlon also ended the year with a net cash balance of Rs 1,148 crore.
Girish Tanti, Suzlon Group Vice Chairman, said the company has added many major Indian companies to its customer list, building long-term relationships with repeat orders. He stated, “We have built a strong foundation across all areas like technology, manufacturing, projects, and operations. This positions us well to lead the sector in the future.”
Himanshu Mody, Suzlon Group CFO, emphasized the company’s focus on cost management while planning for growth. He said, “Our main priority is to execute our order book on time, and I believe we are on the right path.”
Recently, Suzlon announced it received new orders to develop 402 MW wind energy projects from Juniper Green Energy. Suzlon will install 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower, each with a capacity of 3 MW, at the proposed site in Fatehgarh, Rajasthan.
As part of the agreement, Suzlon will supply the wind turbines and handle the project’s foundation, erection, and commissioning.
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