Suzlon Shares Tank 5% As Profit Drops 9% To ₹254 Cr

Suzlon‘s share price tanked sharply on Friday after the company posted its earnings for the quarter ended March.

What Happened: The wind energy major’s net profit for the March quarter came in at ₹254 crore, down around 9% from ₹280 crore posted in the same quarter last year. Revenue from operations for the quarter came in at ₹2,179 crore, up around 29% from the ₹1,690 crore posted in the corresponding quarter of last year.

See Also: Hindalco’s Profit Jumps 32% To ₹3,174, Declares ₹3.50 Dividend

EBITDA for the quarter came in at ₹357 crore. EBITDA margin for the period was at 16.4%. The company’s order book as of May 2024, stands at 3,331 megawatts, compared to 2,290 megawatts reported at the end of March 2023.

The company has a net cash position of ₹1,148 crore as of March 31. Gross debt reduced to ₹110 crore, from ₹1,905 crore reported at the end of March 2023.

The stock had been upbeat ahead of the results going up around 15% in the last five sessions ahead of the results. The rally was propelled by a repeat order bagged by the renewable energy major.

Price Action: Suzlon’s share price was locked in 5% lower circuit at ₹45.90 on Friday.

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