Suzlon Energy share price continues to drop for second day, falls 5% on weak Q1 results

Suzlon Energy share price extended its fall into the second day, opening lower by 5% and hit a lower circuit. The Suzlon Energy shares have been weak since yesterday when it declared a sharp decline of 96 percent in consolidated net profit at ₹101 crore for the June quarter, 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 percent, compared to ₹1,377.58 crore in the year-ago period.

"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 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.

Suzlon Energy share price hit a 52-week high of ₹20.80 on July 25, 2023 and a 52-week low of ₹5.43 on July 28, 2022. The stock has gained 28.65% in past month and 120.39% in last 3 months as against gains of 6.10% and 10.79% gains in Sensex in the respective time periods.

In last one year, the Suzlon share price has jumped 213.37%.

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