Business
Suzlon Energy Reports Impressive Q3 Results with 160% Rise in Net Profit
Suzlon Energy, one of the leading renewable energy solutions providers, has announced its remarkable financial results for the third quarter of the financial year 2023-24 (Q3 FY24). The company reported a consolidated net profit of Rs 203.04 crore, marking a significant 160% improvement compared to the net profit of Rs 78.28 crore in the corresponding period of the previous fiscal year.
This achievement showcases a strong performance by Suzlon Energy, as it continues to solidify its position in the renewable energy industry. The revenue from operations for the reporting quarter also witnessed a YoY improvement of 7.17%, reaching Rs 1,552.91 crore.
During the quarter, Suzlon Energy successfully lowered its finance cost to Rs 14.28 crore from Rs 86.28 crore in the corresponding period of the previous year. This reduction in finance cost reflects the company’s dedication to improving its financial health.
In Q2FY24, the company had raised funds amounting to Rs 20 billion through a qualified institutional placement (QIP), with a significant portion utilized for debt repayment. This strategic move allowed Suzlon Energy to work towards its goal of becoming net-debt-free.
The operating profit during the December quarter also showed a considerable improvement, jumping to Rs 248 crore, up by 15.34% YoY, with an operating profit margin of 16%.
Girish Tanti, Vice Chairman of Suzlon Group, expressed his satisfaction with the company’s Q3 performance. He acknowledged the impactful policies propelling India‘s renewable energy vision forward and highlighted Suzlon Energy’s strong foundation and robust performance.
Looking ahead, Suzlon Energy remains optimistic about the future of renewables globally and is committed to strengthening all strategic pillars to seize emerging opportunities from a position of strength.
The remarkable rise in Suzlon Energy’s net profit and the overall positive financial results have propelled the company’s shares, which have increased from Rs 9.20 apiece to the current level of Rs 45.95 in just a year. This demonstrates Suzlon Energy’s capacity to generate significant returns for its shareholders.
