Shares of Suzlon Energy were locked in upper circuit limit during the trading session on Wednesday in an otherwise weak market. The stock rallied as much as 5 per cent on Wednesday, commanding a total market capitalisation of more than Rs 82,700 crore. On an adjusted basis, it is the first instance after May 2010, Suzlon Energy has scaled Rs 60-mark, taking over 14 years.
Suzlon Energy Ltd reported results earlier this week on Monday, it clocked a net profit of Rs 300 crore in the June 2024 quarter, zooming nearly 200 per cent on a year-on-year (YoY) basis. The company's revenue stood at Rs 2,016 crore for the first quarter of the current financial year, reporting an uptick of 50 per cent on a yearly basis.
The wind energy solutions provider's deliveries were at the highest level in seven years Ebitda for the reported quarter rose nearly 86 per cent to Rs 370 crore in Q1FY25, from Rs 199 crore in Q1FY24. Ebitda margins grew sharply to 18.4 per cent from 14.8 per cent.
Shares of Suzlon Energy have delivered mutlibagger returns to the investors as the stock has zoomed nearly 675 per cent in the last 15 months, while it has more than tripled investors' money in the last one year. The stock is nearly up 60 per cent in the current calendar year.
Morgan Stanley remains bullish on Suzlon Energy as it reiterated its 'overweight' rating on the stock with a target price of Rs 58.5 per share, which is now left behind. The earnings reported showed a strong beat, with total deliveries coming in at 274 MW as against an estimate of 250 MW, said the global brokerage firm.
"We visited Suzlon’s Daman plant, which manufactures nacelles for wind turbines. Started in 2004, the plant contributed to over 60 per cent of the more than 20GW turbines supplied globally," said Anand Rathi. India’s wind capacity installations are set to rise to 8-9GW by FY27, it said with a buy rating and a target price of Rs 58, which is already met.
Among major milestones hit by the company in the April-June quarter were highest Q1 deliveries in 7 years at 274 MW along with highest quarterly EBITDA in 7 years, the company filing claimed. The company also reported its largest‐ever order book of 3.8 GW since inception.
Suzlon is one of the leading renewable energy solutions providers in the world with 20.8 GW of wind energy capacity installed across 17 countries. Headquartered in Pune, Suzlon Energy is a vertically integrated organisation, with in‐house research and development (R&D) centres in Germany, the Netherlands, Denmark and India.
In its latest update with the exchanges, Suzlon Energy said that it will be hosting its 29th annual general meeting (AGM) on Tuesday, September 10. "The remote e-voting period commences from Saturday, September 7 from 9.00 am till Monday, September 9, 2024, until 5.00 pm and the cut-off date for the purpose of ascertaining e-voting rights of the shareholders," it said.
In another exchange filing, the company said that GST Department has proposed a penalty upon the company Superintendent of Central GST Gujarat Audit Circle 3 has imposed a penalty of Rs 2,84,595 on the company on July 23, 2024 in connection with delayed availment/availment of ineligible input credit, it stated.