Suzlon Energy, a renewable energy company, reported a 21% drop in its net profit to ₹254 crore for the March quarter. This decline was mainly due to some exceptional items. Last year, Suzlon made a net profit of ₹320 crore during the same period, as stated in a BSE filing.
However, the company’s total income for the March quarter increased to ₹2,207.43 crore from ₹1,699.96 crore a year earlier.
Fiscal Year Highlights
For the entire 2023-24 fiscal year, Suzlon’s net profit fell significantly to ₹660 crore, down from ₹2,887 crore the previous year. Despite this, total income for the fiscal year rose to ₹6,567.51 crore from ₹5,990.16 crore the year before.
Suzlon pointed out that its profit after tax (PAT) for the March quarter, before exceptional items, increased by 411% to ₹281 crore compared to the previous year.
Order Book and Future Outlook
As of May 24, 2024, Suzlon’s cumulative orders totaled 3.3 GW. This includes the order book of 2,929 MW as of March 31, 2024, plus an additional 402 MW of orders secured afterward.
Girish Tanti, Suzlon Group Vice Chairman, said, “We have built a strong foundation over the last fiscal year in all areas of our business, including technology, manufacturing, projects, and OMS. This positions us well to lead the sector in the future. We’ve achieved our largest ever order book, with over 3.3 GW of value-driven orders.”
Additionally, the board approved the forfeiture of 81,94,063 partly paid-up equity shares. These shares, worth ₹2 each, were issued on a rights basis, but the final call money of ₹2.50 per share has not been paid.
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