Shares of Suzlon Energy surged 4.8 percent on Friday, February 10 after its consolidated net profit more than doubled to ₹78.28 crore owing to reduced expenses of the company.
The company had clocked a net profit of ₹36.77 crore during the October-December quarter of the last fiscal year, Suzlon Energy said in an official filing.
During Friday’s trade, the stock opened at a price of Rs. 9.30 per share against the previous close of Rs. 9.20 per share and grew further during the early trading session to touch an intraday high of Rs. 9.65. It was trading at ₹9.40, up by 2.17 percent at 10:30 a.m. on the NSE.
The stock touched a 52-week-high of Rs. 12.15 on December 20, 2022 and a 52-week-low of Rs. 5.45 on July 28, 2022, indicating that at the current level, the stock is trading over 72 percent above its 52-week low and 22 percent below its 52 week high.
The stock has declined over 6 percent in the last one month. However, in the past six months, it has given a positive return of nearly 38 percent. On the other hand, the stock has decreased by almost 22 percent in the last five years.
On Thursday, the company informed through an official filing that it net sales stood at ₹1,458.02 crore in December 2022 down 9.43% from Rs. 1,609.91 crore in December 2021.
The EBITDA of the company was at Rs. 221.47 crore in December 2022 down 23.93% from Rs. 291.15 crore in December 2021. The total income however fell to ₹1,464 crore from ₹1,615 crore a year ago.
EPS increased to Rs. 0.07 in December 2022 from Rs. 0.04 in December 2021.
“Q3 has been a stable quarter for us. 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,” stated Ashwani Kumar, Chief Executive Officer of the company.
"The beginning of 2023 has been highly encouraging for the wind energy sector with a slew of crucial policy announcements. Indian wind energy is equipped and on track to contribute substantially towards India's energy transition roadmap," Girish Tanti, Vice Chairman of Suzlon Group added.
Suzlon Energy Limited is India's largest renewable energy solutions provider with a presence in 17 countries across six continents. The company is engaged in the business of design, development, manufacturing and supply of wind turbine generators (WTGs). The Company has a strong presence across the entire wind value chain with a comprehensive range of services to build and maintain the projects, its website shows.