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Business News/ Companies / Company Results/  Suzlon Energy slips 5% after net profit plunges 96% to 101 crore in June quarter
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Suzlon Energy slips 5% after net profit plunges 96% to ₹101 crore in June quarter

Suzlon Energy Q1 Results: The renewable company's revenue from operations in the first quarter of current fiscal came in at ₹1,347.52 crore, registering a decline of two per cent, compared to ₹1,377.58 crore in the year-ago period.

Suzlon Energy's revenue from operations in the first quarter of current fiscal came in at ₹1,347.52 crore. Photo: Santosh Verma/Bloomberg News.Premium
Suzlon Energy's revenue from operations in the first quarter of current fiscal came in at 1,347.52 crore. Photo: Santosh Verma/Bloomberg News.

Suzlon Energy Q1 Results: Suzlon Energy announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 25, reporting a sharp decline of 96 per cent in consolidated net profit to 101 crore, compared to 2,433.33 crore in the corresponding period last year. The renewable company's revenue from operations in the first quarter of current fiscal came in at 1,347.52 crore, registering a decline of two per cent, compared to 1,377.58 crore in the year-ago period.

The company's total expenses during the quarter declined eight per cent to 1,269 crore, compared to 1,376 crore in the year-ago period. On the operating front, the earnings before interest, taxes, depreciation, and amortization or EBITDA (pre-foreign exchange) stood at 207 crore, while margins came in at 15.4 per cent during the June quarter.

‘’With the fruition of our initiatives to strengthen the balance sheet and reduce debt our focus is now on ramping up our operations to service our cumulative orders which stand at a healthy 1,582 MW as on date,'' said JP Chalasani, Chief Executive Officer, Suzlon Group.

‘’The serial production of our larger turbines in the 3MW to 3.15MW series with a rotor diameter of 144 mts is one of our top priorities going forward in line with customer expectations. Our service business demonstrated its operational excellence and customer first approach by proactively,'' added Chalasani.

The leading renewable energy solutions provider said its Wind Turbine Generator segment recorded a revenue of 803.28 crore for the quarter, compared to 831.82 crore. Foundry and forging segment saw a drop in revenue to 111.53 crore from 120.44 crore. The operating & maintenance service segment saw revenue rising to 493.13 crore, compared to 453.81 crore. Suzlon recorded cumulative orders of nearly 1.6 GW in the June quarter.

‘’After a sustained effort to reduce debt in FY23 which has resulted in a healthier and sustainable balance sheet for the company our focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders,'' said Himanshu Mody, Chief Financial Officer, Suzlon Group

Suzlon claims that it continue to maintain strict control on costs and are in the process of further optimizing the organizational structure to drive improvement on the strong foundation set with over the last three years. 

Shares of Suzlon Energy slipped over five per cent at its intra day low, after reporting weak quarterly results, and settled five per cent lower at 19 apiece on the NSE.

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Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 25 Jul 2023, 03:38 PM IST
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