Renewable energy solutions provider Suzlon Energy reported its Q3FY24 results, revealing a consolidated net profit of ₹203.04 crore. This marks a notable 160% improvement from the net profit of ₹78.28 crore in the corresponding quarter of the previous fiscal year.
Sequentially, the net profit saw a significant 52.62% increase, rising from ₹133.15 crore in Q2FY24. The revenue from operations for the quarter showed a year-on-year improvement of 7.17%, reaching ₹1,552.91 crore compared to ₹1,448.97 crore in Q3
In the quarter, Suzlon Energy effectively reduced its finance cost to ₹14.28 crore from ₹86.28 crore in the same period of the previous year. The finance cost in Q2FY24 was ₹43.70 crore.
The company aims to achieve a net-debt-free status and, in 2QFY24, raised ₹20 billion through a qualified institutional placement (QIP), mainly for debt repayment. The December quarter’s operating profit surged to ₹248 crore, marking a 15.34% YoY increase.
The operating profit margin expanded to 16%, showing a 100-basis point rise from the same period last year. However, sequentially, the operating profit margin remained constant.
Reflecting on Q3 performance, Girish Tanti, Vice Chairman of Suzlon Group, stated, “In Q3 FY24, we wrapped up 2023 on a positive note, with impactful policies driving India’s renewable energy vision forward.”
“We’ve experienced a significant year of foundational growth, and in Q3 FY24, we’ve reinforced this foundation with strong performance and substantial new orders from key customers. We deeply appreciate the trust our customers have placed in us and look forward to collaborating to achieve their green energy goals. The next decade holds great promise for renewables globally, and we are focused on strengthening our strategic pillars to seize opportunities from a position of strength,” he added.
Meanwhile, the company’s shares have been a lucrative investment in the Indian market, surging from ₹9.20 per share over the past year to the current level of ₹45.95, delivering an impressive 400% return for shareholders.
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