Suzlon Energy Ltd on Tuesday reported a 95.85 per cent year-on-year (YoY) drop in net profit at Rs 100.90 crore for the June quarter compared with Rs 2,392.87 crore in the same quarter last year. The group had, in the year-ago quarter, disposed off investments in few of its associates, which were classified as "held for sale". Besides, the year-ago numbers were aided by difference in de-recoqnition, as a result of conversion in full of OCD and CCPS, net off transaction cost, the company said in notes to its financial results.
Excluding exceptional items, Suzlon Energy in fact reported a loss of Rs 66 crore in the June quarter of 2022.
Revenue for the quarter fell 2.18 per cent to Rs 1,347.52 crore from Rs 1,377.58 crore in the corresponding quarter last year. Suzlon Energy said its cumulative orders stood at nearly 1.6 GW. Ebitda margin for the quarter stood at 15.4 per cent.
The largest renewable energy solutions provider said its Wind Turbine Generator (WTG) segment recorded a revenue of Rs 803.28 crore for the quarter compared with Rs 831.82 crore YoY. Foundry and forging segment saw a drop in revenue to Rs 111.53 crore from Rs 120.44 crore. Its operating & maintenance service segment saw revenue rising to Rs 493.13 crore from Rs 453.81 crore. Following the development, the stock fell 5 per cent to hit its lower circuit limit of Rs 19 on BSE. Despite this, the stock has risen 77.24 per cent in 2023 so far.
Vice Chairman Girish Tanti said: “Suzlon recently dedicated 20 GW of wind energy installations worldwide, as the world accelerates its green energy transition and India takes decisive strides to achieve net zero by 2070. With the country poised to lead decarbonization of its economy we are seeing renewed enthusiasm from India Inc. to drive this green energy transition.
We remain committed to partner with our customers towards achieving their net‐zero targets while building a sustainable world.”
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Chief Executive Officer JP Chalasani: “India recently announced 173 GW of renewable energy installations by May 2023. We are extremely proud of this milestone and Suzlon’s contribution to it as the largest renewable energy solutions company in the country. The central government had announced a slew of positive policy reforms including guidelines for Green Energy Open Access. In the past month some states have further announced their own open access
regulations which facilitate rapid implementation of green energy projects. In a visionary move, Maharashtra became the first state in the country to announce its own green hydrogen policy."
As an industry leader we welcome the proactive participation of the states in driving the renewable energy sector which is key for us to achieve our national targets.”
“At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt our focus is now on ramping up our operations to service our cumulative orders which stand at a healthy 1,582 MW as on date. The serial production of our larger turbines in the 3MW to 3.15 MW series with a rotor diameter of 144mts is one of our top priorities going forward in line with customer expectations," Chalasani said.
After a sustained effort to reduce debt in FY23 that resulted in a healthier and sustainable balance sheet for the company, Suzlon Energy said its focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders
The company said its 28th Annual General Meeting will be held on September 27, Wednesday, through video conferencing or other audio visual means as permitted by the Ministry of Corporate Affairs (MCA) and the Sebi.
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