Suzlon Shares Rockets 5% As Profits Jump 81%

Suzlon’s share price jumped up 5% to hit the upper circuit on Thursday after the company posted ots results for the quarter ended September.

What Happened: Net profits for the September quarter stood at ₹102.29 crore up over 81% from the ₹56.47 crore booked in the same quarter last year. The wind energy major’s revenue was flat at around ₹1,417 crore, compared to the ₹1,430 crore revenue it reported in the year-ago period.

See Also: Adani Enterprises Shares Dip As Profit Slump 50% In Q2

EBITDA for the July-September period came in at ₹225 crore. EBITDA margin was at 15.83%. Earnings per share for the quarter was at ₹0.08.

The company’s gross debt came down substantially to ₹124 crore as of September 30. The company’s gross debt stood at around ₹1,905 crore at the end of March 31. The company said that it has achieved a net cash position of ₹599 crores as on September 2023, as against a net debt of ₹1,180 crores as on March 31.

The company’s shares which were trading flat received a massive bump after the company posted its results.

Price Action: Suzlon’s share price was locked in the 5% upper circuit at ₹32.85 to close on Thursday.

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