In Short : Suzlon Energy, a leading renewable energy solutions provider, has announced a substantial increase in its second-quarter profit. The company’s profit rose by 81%, reaching Rs 102 crore, indicating a strong financial performance during this period. This growth highlights Suzlon Energy’s resilience and ability to navigate the renewable energy market effectively. The company’s success underscores its position as a key player in the renewable energy sector, contributing significantly to India’s green energy transition.
In Detail : Suzlon Energy on Thursday posted over 81 per cent rise in consolidated net profit to Rs 102.29 crore for September quarter 2023-24 mainly due to decline in expenses. Net profit in the year-ago period was Rs 56.47 crore, according to a BSE filing by the company.
Total income declined to Rs 1,428.69 crore in the second quarter from Rs 1,442.58 crore in the same period a year ago. Total expenses also dipped to Rs 1,291.26 crore from Rs 1,427.84 crore.
“At the end of Q2 FY24, our orderbook stands at a healthy 1,613 MW…Our service business continues to do well, while our forging and foundry business SE Forge consolidated on its foundation for future growth,” J P Chalasani, Chief Executive Officer, Suzlon Group, said.
Himanshu Mody, Chief Financial Officer, Suzlon Group, said the company was anchored strongly with a net cash of Rs 599 crore by September 2023 which is a significant shift from net debt of Rs 1,180 crore in March 2023.
On the back of a successful QIP conclusion in August 2023, the journey of making the company debt free has been completed, thereby leading to further reduction in quarterly net finance cost by 61 per cent YoY (Year-on-Year), he said.
While proportional benefit from debt reduction initiatives can be seen in these results, the full impact will be felt from the next quarter onwards, he pointed out.
Girish Tanti, Vice Chairman, Suzlon Group, said,”Our Q2 FY24 results are a direct reflection of our efforts to strengthen our fundamentals to leverage the tailwinds of the sector from a position of strength.”
Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 GW of wind energy capacity installed across 17 countries.