Shares of Suzlon Energy Ltd have staged a stellar rally in the last three months. The three-month gain in the Suzlon Energy stock has surpassed the returns the script generated in the last one year, considering the time for which investors put their money on the counter. While Suzlon Energy investors earned a whopping 108% returns in three months, those holding the stock for a year enjoyed 127% returns from the renewable energy firm.
The rally in three months can be attributed to the financial performance and a series of project wins by the Suzlon Group firm during the period.
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In early June, the renewable energy solutions firm said it has surpassed 20 GW in wind energy installations. The company said 20 GW wind energy installations were accomplished through the deployment of 12,647 wind turbines across 17 countries, spanning six continents. Suzlon holds a 33 percent share of India's cumulative wind energy installations.
In the middle of May this year, Suzlon Group bagged a 99-MW wind energy project from Vibrant Energy. "Suzlon Group has received an order from Vibrant Energy for 33 wind turbine generators featuring its new 3 MW (each) series with a Hybrid Lattice Tubular tower for a 99 MW wind power project which is expected to be commissioned by FY25," the group said.
On May 22, the renewable energy solutions provider Suzlon said it bagged a 204 MW wind energy project from Serentica Renewables. "Suzlon Group has bagged a significantly large order for its 3 MW series of wind turbines from Serentica Renewables - a decarbonization platform that seeks to accelerate the energy transition for energy-intensive industries," the company said.
Suzlon Energy shares rose on May 24 after the renewable energy solutions provider said it has won a major order of 300 MW from Torrent Power.
Suzlon has bagged a significantly large order for its new 3 MW series of wind turbines to develop a 300 MW wind power project for Torrent Power, the company said.
Suzlon Energy will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each. The project is located in Karnataka and is expected to be commissioned in 2025, it added.
Financial Performance
The stellar financial performance of the firm has made investors upbeat on the Suzlon Energy counter.
Suzlon Energy reported a consolidated net profit of Rs 319.99 crore for the March 2023 quarter led by lower expenses. It posted a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022.
Total income from operations fell to Rs 1,699.96 crore in Q4 from Rs 2,478.73 crore a year ago. Total expenses declined to Rs 1,628.39 crore in the March 2023 quarter from Rs 2,511.70 crore a year ago.
In the last fiscal, Suzlon Energy posted a consolidated net profit of Rs 2,887.29 crore against a net loss of Rs 176.55 crore in 2021-22. However, total income in the fiscal dipped to Rs 5,990.16 crore from Rs 6,603.97 crore in 2021-22. Revenue slipped to Rs 5946.84 crore in the March 2023 fiscal against Rs 6519.95 crore for the fiscal ended March 2022.
Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.
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