Shares of Suzlon Energy crashed 5% on Tuesday to hit lower circuit after the company reported its earnings for the quarter that ended June.
What Happened: The renewable energy company’s profit for the quarter slumped over 96% to ₹100.90 crore, as compared to ₹2,432.55 crore. However, the company had exceptional items in the June quarter of 2022, that boosted its profit. Before exceptional items, the company had booked a loss of ₹37 crore in the June quarter of 2022. In this quarter PAT before exceptional items stood at ₹93 crore.
The company’s revenue from operations went down around 2% to ₹1,347.52 crore compared to the 1,377.58 crore revenue it booked in the same quarter last year. The company’s order book as of June 30 stood at 1,433 MW.
The company’s gross debt contracted to ₹1,806 crore in the June quarter from ₹1,905 crore at the end of the March quarter. The company’s net debt however expanded to ₹1,223 crore in the June quarter from ₹1,180 crore at the end of March 2023.
Price Action: Suzlon’s share price was down 5% to hit lower circuit at ₹19 in the late hours of trading on Tuesday.
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