Shares of Suzlon Energy rose on October 29 after the company reported a significant Q2 profit jump. The wind turbine manufacturer saw a 96% increase in net profit, reaching Rs 201 crore for the quarter ending September 30, 2024, driven by record-breaking order inflow and strong revenue growth. Revenue climbed 48% year-on-year to Rs 2,093 crore, reflecting the company’s expanding order book and market presence.
Suzlon’s EBITDA increased 31% to Rs 294 crore, though its EBITDA margin declined slightly to 14.1% from 15.9% a year ago, attributed to costs from ESOPs, office leases, and new software implementation. The company’s total order book hit a record 5.1 GW, including its largest-ever wind energy order from NTPC.
Despite a slight miss in execution due to the heavy monsoon, Suzlon’s robust order flow of around 1.6 GW provides solid revenue visibility, according to Nuvama Institutional Equities. The firm expects Suzlon to maintain its significant market share as a leader in wind EPC and renewable energy solutions.
“As we adapt to the renewable energy sector’s evolution, we’re capitalizing on opportunities aligned with our strategy,” noted Suzlon’s Vice Chairman, Girish Tanti. Suzlon shares were trading at Rs 72 on the NSE, up 1.6% as of 9:19 am.
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Source: Moneycontrol
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