Suzlon Shares Hit New 52-Week High As Profits Soar 160% In Q3

Suzlon‘s share price received a sharp bump on Wednesday afternoon after the company posted its results for the quarter ended December.

What Happened: The renewable energy solutions provider recorded an impressive 159.11% year-on-year (YoY) increase in profit for the December 2023 quarter at ₹203.4 crore, rising from ₹78.36 crore in the corresponding period previous year.

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The company’s revenue from operations saw a 7.17% increase, reaching ₹1,552.91 crore compared to ₹1,448.97 crore in the year-ago period. The EBITDA stood at ₹248 crore during Q3 FY24. The EBITDA margin was reported at 15.9%.

The company’s gross debt contracted further to ₹122 crore. It was at around ₹1,905 crore at the end of March 2023. The company has also swung to a net cash position of ₹719 crore. The company’s net debt was at around ₹1,180 at the end of March 2023. The company’s order book as of Jan 31st, stands at 3,157 megawatt.

Price Action: Suzlon’s share price was locked in 5% upper circuit at 45.95 in the late hours of trading on Wednesday.

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