Renewable energy solutions provider Suzlon Energy released its financial results today. The company has earned a profit of Rs 203.04 crore in the October-December quarter of the current financial year.
There has been a huge jump of 160 percent in the profit of Suzlon Energy as compared to the net profit of Rs 78.28 crore in the same quarter of the last financial year. At the same time, on quarterly basis the company’s profit increased by 52.62 percent to Rs 133.15 crore.
Revenue also increased
Apart from this, the revenue from operations of Suzlon Energy also increased by 7.17 percent on annual basis to Rs 1,552.91 crore. It was Rs 1,448.97 crore in the same quarter a year ago.
During the last quarter, Suzlon Energy successfully reduced its finance cost to Rs 14.28 crore from Rs 86.28 crore in the same period last year. The current financial year finance cost was Rs 43.70 crore.
Aim to be completely debt-free
Let us tell you that the company has set a target of becoming completely debt-free. In the second quarter of the current financial year, Suzlon Energy raised funds worth Rs 2 thousand crore through qualified institutional placement (QIP), of which a significant portion was used for debt repayment.
What did the company say?
Girish Tanti, Vice Chairman, Suzlon Group, said, “We end 2023 on a strong note as we head into Q3FY24. “This quarter’s results reflect impressive policies driving India’s renewable energy vision.”
Suzlon Energy shares surged
After the third quarter results, Suzlon Energy shares closed with a strong jump today. The company’s shares closed at a record level of Rs 46.01 on BSE on Wednesday, up 5 percent or Rs 2.19. Whereas, if we talk about the last one year, Suzlon Group shares have given a return of 400 percent.
Company received new orders
Suzlon Group has received an order for 642 MW wind power project from Evergreen company, ABC Cleantech Private Limited (ACPL). Everen is a joint venture between Brookfield and Axis Energy in India.
According to a statement issued by the company, under the contract, Suzlon will install Hybrid Lattice Tubular (HLT) towers and 214 wind turbine generators (WTG) in Andhra Pradesh.
