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Business News/ Markets / Stock Markets/  Suzlon posts 320 crore net profit in March quarter, driven by lower expenses

New Delhi: Renewable energy solution provider Suzlon on Tuesday posted a consolidated net profit of 319.99 crore for the March 2023 quarter. The company attributed the positive performance to a reduction in expenses during the period.

The company reported a consolidated net loss of 205.52 crore in the quarter ended on March 31, 2022, a BSE filing showed.

Suzlon’s revenue for the fiscal year 2023 stood at 5,947 crore, with 1,690 crore generated in the fourth quarter alone. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fiscal year amounted to 832 crore, resulting in an EBITDA margin of 14.0%. In the fourth quarter, Suzlon achieved a profit of 233 crore, with an EBITDA margin of 13.8%.

The company’s profit after tax (PAT) before exceptional items for the fiscal year was 167 crore, while the PAT for the fourth quarter stood at 68 crore. Suzlon’s cumulative orders as of May 30, 2023, reached 1,542 megawatts (MW), including an order book of 652 MW as of March 31, 2023, and subsequently secured orders of 890 MW.

Girish Tanti, Vice Chairman of Suzlon Group, expressed satisfaction with the company’s financial performance and highlighted the successful launch of their powerful 3 MW technology platform. 

He emphasized that Suzlon’s strategic initiatives were on track to drive long-term growth, supported by encouraging policy initiatives from the government and increasing market demand. Tanti extended gratitude to stakeholders for their support during challenging times and looked forward to strengthening relationships in the next phase of the company’s growth.

JP Chalasani, Chief Executive Officer of Suzlon Group, described fiscal year 2023 as a period of demonstration and consolidation for the company. Chalasani pointed out that Suzlon had comprehensively addressed challenges over the past three years and achieved remarkable results, reducing net debt by over 90% during that time. 

He highlighted the growing trust in Suzlon’s expertise and product technology, with cumulative orders of 1,542 MW, including 780 MW for the new 3 MW series. Chalasani credited Suzlon’s efforts in strengthening the company to leverage the sector’s favorable conditions.

Himanshu Mody, Chief Financial Officer of Suzlon Group, expressed satisfaction with the strong financial results across all parameters. Mody noted the successful reduction of net debt to 1,180 crore, with the Rights Issue playing a crucial role. 

He highlighted that Suzlon achieved its highest consolidated PAT before exceptional items in six years and turned net worth positive after a decade. Mody emphasized the resolution of past balance sheet issues and the strengthened fundamentals of the company.

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Updated: 30 May 2023, 08:11 PM IST
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