Shares of Suzlon Energy Ltd will be in focus on Wednesday morning after they fell 5 per cent in the previous session following the company’s Q1 results. Suzlon Energy reported a 95.85 per cent year-on-year (YoY) drop in net profit at Rs 100.90 crore for the June quarter compared with Rs 2,392.87 crore in the same quarter last year. The numbers were lower the year-ago profit figure was inflated by exceptional items.
Excluding exceptional items, Suzlon Energy in fact reported a loss of Rs 66 crore in the June quarter of 2022.
Suzlon Energy reported a revenue of Rs 1,347.52 crore for the quarter, down 2.18 per cent from Rs 1,377.58 crore in the corresponding quarter last year. Suzlon Energy said its cumulative orders stood at nearly 1.6 GW. Ebitda margin for the quarter stood at 15.4 per cent.
After a sustained effort to reduce debt in FY23 that resulted in a healthier and sustainable balance sheet for the company, Suzlon Energy said its focus in FY24 remains on funding its operations and fulfilling our commitments to customers and other stakeholders. The company said its 28th Annual General Meeting will be held on September 27, Wednesday, through video conferencing or other audio visual means as permitted by the Ministry of Corporate Affairs (MCA) and the Sebi.
The largest renewable energy solutions provider said its Wind Turbine Generator (WTG) segment recorded a revenue of Rs 803.28 crore for the quarter compared with Rs 831.82 crore YoY. Foundry and forging segment saw a drop in revenue to Rs 111.53 crore from Rs 120.44 crore. Its operating & maintenance service segment saw revenue rising to Rs 493.13 crore from Rs 453.81 crore. Following the development, the stock fell 5 per cent to hit its lower circuit limit of Rs 19 on BSE. Despite this, the stock has risen 77.24 per cent in 2023 so far.
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