Suzlon Energy Q2 Results: Revenue Surges Past ₹2,000 Crore, Net Profit Nearly Doubles
Suzlon's deliveries during the quarter stood at 256 MW, which, according to the management, was in-line with market expectations.
Suzlon Energy Ltd., a prominent player in the wind energy sector, has reported a robust performance for the second quarter of FY24, significantly boosting its topline and bottomline figures. The company announced its Q2 results after market hours on Monday, October 28, showcasing strong revenue growth and profitability.
Key Financial Highlights
- Revenue: Suzlon posted a revenue of ₹2,103 crore for the September quarter, marking a substantial 48% increase compared to the ₹1,421 crore reported in the same period last year.
- Net Profit: The company’s net profit nearly doubled year-on-year, rising from ₹102 crore to ₹200 crore. This growth highlights Suzlon's improving profitability and operational efficiency.
- EBITDA: Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) for the quarter came in at ₹293.7 crore, reflecting a 31.3% growth from the previous year. However, EBITDA margins saw a slight dip, decreasing to 13.97% from 15.74% in the base quarter.
Operational Performance
- Deliveries: Suzlon’s deliveries during Q2 stood at 256 MW, which was a slight decline from the 274 MW delivered in the June quarter but a significant improvement from the 132 MW delivered in the same period last year. This performance aligned with market expectations, according to the company’s management.
- Order Book: The company’s order book reached an all-time high of 5.1 GW, with key contributions from the Commercial & Industrial (C&I) segment (54%), central and state bids (23%), and Public Sector Units (PSUs) (23%).
Key Developments
- NTPC Green Energy Deal: Suzlon signed India’s largest wind energy order of 1,166 MW from NTPC Green Energy during the quarter. This deal includes the installation of 370 wind turbine generators (WTGs) equipped with the S144 model, having a rated capacity of 3.15 MW. This landmark order represents a significant milestone in Suzlon's expansion strategy.
Market Reaction
Suzlon Energy’s shares reflected investor optimism, closing 5.2% higher at ₹70.99 on Monday.
Suzlon's Q2 results demonstrate the company’s strong financial health and growing presence in India’s renewable energy sector. With a robust order pipeline and continued operational improvements, Suzlon is well-positioned for future growth as the demand for clean energy solutions rises.
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