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Business News/ Markets / Stock Markets/  Suzlon Energy share price surges 18%, hits 52-week high; here's why

Shares of Suzlon Energy surged almost 20 per cent to hit their fresh 52-week high of 14.59 in intraday trade before ending 18.03 per cent higher at 14.40 on BSE on Wednesday (June 7), extending their winning run into the third consecutive session. The stock opened at 12.57 against the previous close of 12.20 and rose 19.6 per cent to hit its one-year peak.

The stock has been witnessing traction after the company on June 5 announced it had crossed the 20GW wind energy installations milestone through 12,467 wind turbines installed across 17 countries spanning six continents. This solidifies Suzlon's position as a significant player in the global wind energy landscape.

"Crossing the 20GW mark is a testament to Suzlon's dedication and expertise in the renewable energy industry. I would like to thank the Government of India for its visionary policy framework and our diverse customer base of over 1,900 customers and vendor partners for their unflinching support without which this achievement would not be possible. With 5.9 GW of Indian Wind Turbines installed across the globe, Suzlon’s 20 GW is a story of taking India to the world," said Girish Tanti, Vice Chairman, Suzlon Group.

“This milestone creates a concrete foundation for us to build on for exponential growth in coming years and is a true Aatmanirbhar Bharat moment, wherein an Indian company is creating global benchmarks with turbines manufactured in India. Suzlon’s journey from the first turbine of 270kW in 1995 to the 3 MW turbine in 2023 will continue to inspire generations to come. We remain committed to partnering with global and local players in accelerating the energy transition journey for the world," Tanti said.


The company released its March quarter scorecard on May 30 in which it showed a consolidated net profit of 279.89 crore for Q4FY23 against a loss of 204.29 crore in the corresponding quarter of the previous financial year.

Total income from operations for Q4FY23 stood at 1,699.96 crore against 2,478.73 in the same quarter last year. The company reported an EBITDA of 233 crore in Q4 FY23.

The stock has witnessed a strong gain of about 93 per cent in the last one year against a 15 per cent gain in the equity benchmark Sensex.

Diwakar Rana, Senior Research Analyst at Prudent Equity underscored that the company has an order book of 1500 MW and is expected to report a revenue of 7,500-8,000 crores in FY24 considering it is able to execute 850-900 MW. Rana said with the debt being reduced significantly and on the EBIT margins of FY23, the company will be in a much more promising place in the next 12 months. "The stock continues to be a part of our GARP smallcase and so far has delivered close to 50 per cent returns," said Rana.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.


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Updated: 07 Jun 2023, 04:30 PM IST
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