Suzlon Q3 net profit jumps to Rs 203 crore – EQ

In Short : Suzlon has reported a significant increase in its net profit for the third quarter, reaching Rs 203 crore. This positive financial performance reflects the company’s improved results during this period.

In Detail : Suzlon Energy Q3 results: The company’s revenue from operations ticked 7.17 per cent higher at Rs 1,552.91 crore in Q3 FY24 as against Rs 1,448.97 crore in the year-ago period.

Suzlon Energy Ltd on Wednesday recorded a sharp rise its third-quarter consolidated net profit of the ongoing financial year 2023-24 (Q3 FY24). The renewable energy solutions provider recorded a 159.11 per cent year-on-year (YoY) jump in the December 2023 quarter profit, at Rs 203.04 crore, from Rs 78.36 crore in the corresponding period last fiscal.

The company’s revenue from operations ticked 7.17 per cent higher at Rs 1,552.91 crore in Q3 FY24 as against Rs 1,448.97 crore in the year-ago period.

In terms of operating performance, EBITDA came at Rs 248 crore in Q3 FY24. EBITDA margin was at 15.9 per cent.

Girish Tanti, Vice-Chairman at Suzlon Group, said, “In Q3 of FY24, we concluded 2023 on a strong note. The quarter showcased impactful policies propelling India’s renewable energy vision ahead. We’ve witnessed a pivotal year of foundational growth, and in Q3 of FY24, we’ve solidified this foundation with a robust performance and a substantial influx of new orders from our marquee customers. We deeply appreciate the trust bestowed upon us by our customers and eagerly anticipate collaborating with them to realize their green energy aspirations. The coming decade holds immense promise for renewables globally, and we are on track to strengthen all our strategic pillars to seize this opportunity from a position of strength.”

Another highlight of the quarter was securing non‐fund based working capital lines from REC, which was a critical for a faster ramp-up of our operations and improve utilization of installed capacities, said Himanshu Mody, Chief Financial Officer at Suzlon.

The company recently secured an order to supply wind turbine generators (WTGs) for a 642 MW wind power project from an Evren company, ABC Cleantech Pvt Ltd. Evren is a joint venture in India between Brookfield and Axis Energy.

Suzlon Energy shares surged 5 per cent to hit a one-year high level of Rs 46.01 after the quarterly results. As of December last year, promoters held 13.29 per cent stake in the company.