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    Suzlon Energy Q2 Results: Profit rises 79% YoY to Rs 102 crore on better operating show

    Synopsis

    The company reported an EBITDA (pre-foreign exchange) of Rs 224 crore in the reporting period, while margins were at 15.8%. Profit before exceptional items came in at Rs 137 crore in the July-September quarter.

    Suzlon Energy Q2 Results: Profit rises 79% YoY to Rs 102 crore on better operating showAgencies
    Leading wind player Suzlon Energy reported a 79% growth in its net profit for the quarter ended September 2023 to Rs 102 crore on improved operating performance. The same stood at Rs 57 crore in the September quarter of last year.

    Revenue from operations during the second quarter declined marginally to Rs 1,417 crore, against Rs 1,430 crore in the year-ago quarter.

    The company reported an EBITDA (pre-foreign exchange) of Rs 224 crore in the reporting period, while margins were at 15.8%.

    Profit before exceptional items came in at Rs 137 crore in the July-September quarter.

    "During the quarter we have further seen policies that strengthen the sector to drive India’s green transition like the concrete guidelines for tariff-based competitive bidding, an announcement of the national framework for promoting energy storage systems, green hydrogen standards, and the strategy for establishing offshore wind energy projects," said Girish Tanti, Vice Chairman, Suzlon Group.

    At the end of the September quarter, the company's order book stood at 1,613 MW with a fair split between the S120 and S144 turbine orders, thereby giving it a sustainable supply pipeline to work with.

    Suzlon said its service business continues to do well while forging and foundry business SE Forge consolidated on its foundation for future growth.

    The company has a net cash of Rs 599 crore by September 2023, which is a marked shift from net debt of Rs 1,180 crore in March 2023.

    "We have closed another satisfying quarter in line with our business plan for FY24. The highlight for us in the last few months has been the installation of the first prototype of our S144 – 3 MW turbine at 160mts hub height in Gujarat. This development is aligned to our plans for commercialization of this product series," said JP Chalasani, CEO, Suzlon Group.

    On Thursday, Suzlon shares closed nearly 5% higher at Rs 32.85 on NSE.

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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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