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Suzlon Shares Fall Further 2% On Profit After Sharp Q4 Results Surge

Suzlon Energy has not yet disclosed the value of the order.

Suzlon Energy shares continued to see profit-taking on June 2. The stock soared on May 31 on strong fourth-quarter numbers but fell sharply the next day. The stock was down more than 2% at Rs 10.88 on the BSE by 12:25 pm, losing nearly 5% on June 1. The stock has returned 34% over the past three months.

The renewable energy solutions provider posted a consolidated net profit of Rs 319.99 crore for the March 2023 quarter, mainly due to lower expenses. A BSE filing showed that this came against a consolidated net loss of Rs 205.52 crore for the March 31, 2022 quarter.

Its total operating income fell to Rs 1,699.96 crore in the quarter from Rs 2,478.73 crore a year ago. The company’s total expenses also fell to Rs 1,628.39 crore from Rs 2,511.7 crore in the quarter.

Following the announcement, Suzlon Group Vice Chairman Girish Tanti said: “It is evident from these results that we have concluded FY23 with a strong financial performance and the successful launch of our robust 3 MW technology platform”.

Suzlon Group CEO JP Chalasani added that the company has fully responded to the challenges over the past three years, and FY2023 is the year in which the results can be seen.

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