Shares of Suzlon Energy hit their upper circuit limit on Tuesday and scaled to a new 52-week high after the company announced a strong set of numbers in the June 2024 quarter (Q1 FY25). The renewable energy player announced its results for the quarter post-market hours on Monday.
Suzlon Energy reported a more than triple net profit at Rs 302 crore in the quarter ended on June 30, 2024. The wind energy solutions provider reported a 200 per cent year-on-year (YoY) jump in the bottomline from Rs 101 crore in the corresponding quarter of the previous financial year.
The company's revenue from operations in the reported quarter stood at Rs 2,016 crore for the first quarter of the current financial year, registering an uptick of 50 per cent on a yearly basis. The company's topline came in at Rs 1,348 crore reported in the year-ago period.
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. Suzlon Energy's balance sheet remains strong with a net cash position of around Rs 120 crore.
Following the announcement, shares of Suzlon Energy Ltd surged 5 per cent, locked in the upper circuit limit, at Rs 57.82 apiece, hitting its new 52-week highs. The total market capitalization of the company stood above Rs 78,000 crore mark. The scrip had settled at Rs 55.07 on Monday.
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. 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.
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.
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