Shares of Suzlon Energy inched higher on Tuesday as the company announced its date for the quarterly results after the market hours on Monday. The renewable energy player will announce its results for the quarter ended on June 30, 2024 on July 22, Monday, it said.
"A meeting of the board of directors of the company will be held on Monday, July 22, 2024 to, inter alia, consider and approve the unaudited financial results of the company on standalone and consolidated basis for the quarter ended on June 30, 2024," said Suzlon Energy in the exchange filing with the bourses.
Shares of Suzlon Energy Ltd gained about a per cent to Rs 55.00 on Tuesday, commanding a total market capitalization of close to Rs 75,000 crore. The scrip had settled at Rs 54.63 in the previous trading session on Monday.
"This is to further inform that as per the company’s code of conduct to regulate, monitor and report trading by Insiders as required to be implemented in terms of the Securities and Exchange Board of India (prohibition of Insider Trading) Regulations, 2015, as amended, the Trading Window of the company has been closed from Monday, July 1, 2024 till 48 hours after the declaration of the financial results of the company (both days inclusive). Accordingly, the trading window shall remain closed till Wednesday, July 24, 2024 and shall reopen on Thursday, July 25, 2024," it added.
In other news, Purvah Green Power, a step-down subsidiary of CESC Ltd has entered into a framework agreement with Suzlon Energy for supply, EPC and operations and maintenance of wind turbines to be commissioned over the next 2-4 year. CESC informed about this through an exchange filing on Monday.
Domestic brokerage firm JM Financial has a buy rating on Suzlon Energy with a target price of Rs 54, which already has been met. The brokerage will be reviewing the company's results and sharing the revised target price after the earnings.
JM Financial sees Suzlon Energy's net revenue to increase 36 per cent YoY to 1,832.1 crore on account of higher dispatches in spite of lower commissioning of WTG. The ebitda for the quarter may rise 38 per cent to Rs 239.2 crore with ebitda margin falling to 13.1 per cent. PAT may come in at Rs 162.2 crore, up 61 per cent on a yearly basis.
Another brokerage firm Anand Rathi Shares & Stock Brokers also continues to remain positive on Suzlon Energy with a 'buy' rating and a target price of Rs 55 on the stock. Suzlon remains Anand Rathi's top pick from the wind energy sector.
Anand Rathi pegs Suzlon's revenue at Rs 2,413.6, rising 80 per cent YoY. Ebitda margin is coming in at 12.2 per cent for the June 2024 quarter. The company may report a net profit of Rs 283 crore, which was a loss in the same quarter previous year, said the brokerage.
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