Suzlon Energy shares down for three straight days; what management says at JMF Conference

Suzlon Energy Ltd, whose shares have fallen for three consecutive trading sessions, said its management is focusing on non-EPC orders along with in built operations and maintenance services (O&M) contracts.

At the Day 1 of JM Financial India Conference 2023, Suzlon Energy said the share of orders from the Commercial & Industrial (C&I) segment has increased from 55 per cent in the June quarter to 64 per cent in the September quarter due to higher activity in the C&I segment. Suzlon Energy was one of the 65 companies presented on Day 1 of the conference.

Suzlon Energy said its service business continued to do well with a total of 14.3GW capacity under service. It talked about healthy and diversified order book. JM Financial, which later released the key takeaways from its interactions, said Suzlon Energy has an order book of 1.6 GW as on September 30, out of which 62 per cent was for 3.x MW turbines, the supply of which would begin from the March quarter of 2024.

The renewable energy solutions provider recently announced the RLMM (Revised List of Models & Manufacturers) listing of its S144 – 3 MW series of wind turbines, which paved way for commercialisation of the product.

"The company continues to focus on high value quality orders (better margins) with a strong counterparty," JM Financial said adding that Suzlon Energy expects annual addition of 3-4GW in FY24E and 5-6GW in FY25E in the country.

This brokerage has a target of Rs 37 on Suzlon Energy. The scrip got locked at the lower circuit for the second straight day. It settled Wednesday's session at Rs 37.32 apiece.

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