Suzlon Energy Q1 net profit jumps to ₹302 Crore

23 Jul 2024 , 12:49 PM

Suzlon Energy Ltd. posted a net profit of ₹302 Crore in the June quarter, boosted by decreased finance expenses from the previous year. The Wind Turbine Generator firm posted a ₹101 Crore bottom line in the same quarter previous year.

Following this development, the company’s counter touched a new 52-week high of ₹57.83.

Revenues increased by over 50% to ₹2,016 Crore from ₹1,348 Crore in the previous year’s quarter. The company’s primary Wind Turbine Generator business performed well, with sales increasing by nearly 90% to ₹1,496 Crore.

In the first quarter, the company generated ₹803 Crore in revenues. However, income for this segment was lower than the March quarter number of ₹1,531 Crore.

Suzlon’s Wind Turbine Generator business was buoyed by its largest first-quarter deliveries in seven years, totaling 274 MW.

Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) rose 95% to ₹354 Crore. Suzlon reported ₹181.7 Crore in EBITDA last year. Suzlon’s EBITDA was the highest in over seven years.

The EBITDA margin increased by approximately 400 basis points between April and June, reaching 17.5% from 13.45% the previous year.

Suzlon’s Foundry and Forgings business revenue decreased to ₹91.58 Crore from ₹111.53 Crore in the same quarter last year.

The operations and maintenance service division’s revenue stayed unchanged at ₹484 Crore from ₹493 Crore last year but was lower than the ₹574 Crore announced in the March quarter.

Suzlon reported cash reserves of ₹1,197 Crore at the end of the June quarter.

Suzlon also concluded the quarter with its largest-ever order book of 3.8 GW. With significant deliveries of our flagship product series, 3.x MW S144, in Q1, we are well positioned to service our current order book, stated Suzlon Group Vice Chairman Girish Tanti.

At around 12.44 PM, Suzlon Energy was trading 3.50% higher at ₹57.13, against the previous close of ₹55.08 on NSE.

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