Suzlon Energy reports net profit of ₹78 cr for December quarter (2024)

New Delhi: Suzlon Energy on Thursday reported a consolidated net profit of ₹78 crore for the December quarter, driven by higher revenues. In the year-ago period, net profit stood at ₹37.73 crore. Revenues in the last quarter were at ₹ 1,449 crore.

“The beginning of 2023 has been highly encouraging for the wind energy sector with a slew of crucial policy announcements. Some of the key announcements have been the MNRE order stating that India will invite bids for 8 GW of wind projects annually from 2023 to 2030 in addition to private sector orders, initiatives in the C&I (Commercial & Industrial) segment along with the ISTS waiver extension, discontinuation of e-reverse bidding and ensuring the participation of all eight windy states in the bidding regime. These policies will provide much needed visibility, give momentum to industrial investors and drive balanced and viable growth of the sector," said Girish Tanti, vice chairman, Suzlon Group.

“Q3 has been a stable quarter for us in line with our plans. Our priority going forward is pursuing quality orders with higher value and better margins. Our service business continues to do well, and our focus remains on executing our order book. We commissioned the first machine of our largest wind turbine series, the S144-3.x MW at Sankaneri, Tamil Nadu, in December 2022, and the early performance reports are very encouraging," said Ashwani Kumar, chief executive officer, Suzlon Group.

“Q3 of FY23 has seen us register consistent improvement on all our key parameters. Our balance sheet is stronger as a result of significant debt reduction post the Rights Issue. We continue to maintain a tight control on costs, which is being reflected in our profit margins. Our consolidated Q3 PAT of ₹78 crores is the highest quarterly PAT before exceptional items reported by the company in more than five years. As commodity prices and supply chain issues stabilize, the positive impact of the same will be apparent in the coming quarters,“ said Himanshu Mody, chief financial officer, Suzlon Group.

Suzlon is one of the leading global renewable energy solution providers. Over the past two decades, Suzlon has installed over 19.7 GW of wind energy in 17 countries across six continents.

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