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Business News/ Companies / Company Results/  Suzlon Energy Q2 Results: Net profit jumps 45% YoY to 102 crore, revenue drops marginally
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Suzlon Energy Q2 Results: Net profit jumps 45% YoY to ₹102 crore, revenue drops marginally

Suzlon Energy Q2 Results: The numbers of Suzlon Energy remained positive despite an exceptional loss of ₹35 crore during the quarter ending September 2023

Suzlon Energy Q2 Results Suzlon 950 kilowatt wind turbines owned by Juhl Energy are seen PipestonePremium
Suzlon Energy Q2 Results Suzlon 950 kilowatt wind turbines owned by Juhl Energy are seen Pipestone

Suzlon Energy Q2 Results: Wind turbine manufacturer Suzlon Energy released their July-September quarter results on Thursday and posted a 45% year-on-year jump in their net profits to 102 crore. The revenue of the company declined marginally to 1,417 crore in Q2FY24 from 1,430 crore during the same period last year. The numbers of Suzlon Energy remained positive despite an exceptional loss of 35 crore during the quarter ending September 2023.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) experienced a significant 32.6% increase, reaching 225 crore compared to 169.7 crore in the previous year. The EBITDA margin also witnessed a significant increase rising to 15.9% from 11.9% during the same quarter last fiscal.

“During the quarter we have further seen policies that strengthen the sector to drive India’s green transition like the concrete guidelines for tariff-based competitive bidding, the announcement of the National Framework for promoting Energy Storage Systems, the Green Hydrogen standards, and the strategy for establishing Offshore Wind Energy Projects. These policies address varied pillars of the industry to catalyze India’s holistic energy transition. Encouragingly, the leading renewable energy states of the country; Gujarat, Maharashtra, Rajasthan, and Telangana have followed up with proactive strides in their own renewable energy policies toward their states’ energy transition journeys. Recently, Gujarat also announced their long‐term renewable energy policy 2023 which is a comprehensive policy addressing various aspects to drive the growth of renewable energy in the state like captive consumption, C&I investments as well as MSME and domestic industry participation in renewables," Girish Tanti, Vice Chairman, Suzlon Group, said.

Suzlon Group CEO JP Chalasani said that the orderbook of the company stands at a healthy 1,613 MW with a fair split between the S120 and S144 turbine orders, thereby giving us a sustainable supply pipeline to work with. "As a group, our focus for the rest of FY24 remains to execute our order book, commercialization of the S144 – 3.0 MW to 3.15 MW series, and drive excellence in our services business," the CEO added.

The share of Suzlon Energy Limited closed 4.95% up on Thursday at 32.85 apiece. 

 

 

 

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Published: 02 Nov 2023, 05:42 PM IST
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