Shares of Suzlon Energy hit a 5% upper circuit and hit a new 52-week high of Rs 45.95 on 31 January after the company reported a strong quarterly report for October-December.
The manufacturer of wind turbines reported a 160% year-on-year increase in its net profit to Rs 203.2 crore for the quarter under review from Rs 69.8 crore reported in the same quarter last year.
The company recently became debt-free after it paid off its existing debts through a QIP and a rights issue.
The company’s revenue during the quarter stood at Rs 1,560.5 crore, marking a 7% YoY growth from the Rs 1,458 crore they reported in the same quarter of the previous fiscal year.
The EBITDA (earnings before interest, tax, depreciation, and amortisation) increased by 17.7% to Rs 247.6 crore. The EBITDA margins expanded by 140 basis points to 15.9% during Q3FY24 from 14.5% reported in Q3FY23.
JP Chalasani, CEO of Suzlon Energy, said that they saw a good inflow of high-value orders during the December quarter.
He added, “Our services business continues to do well. We are concentrating our efforts towards creating a better experience, a stronger organisation and management structure in our services business, in-line with expected growth of the sector.”
Suzlon has a globally installed Wind Energy capacity of 20.5 gigawatts with a cumulative market share of nearly 32%. This installed capacity includes 14.5 gigawatts of installed capacity in the country.
At 3:30 pm, the shares of Suzlon Energy closed 4.91% higher at Rs 45.95 on NSE.