Suzlon posted its earnings for the quarter ended March on Friday after which the company’s shares tumbled.

What Happened: In its quarterly earnings release, the wind energy major said its gross debt stood at ₹110 crore at the end of March 2024. This is around a 94% reduction from the ₹1,905 crore reported at the end of March 2023. The company improved its net cash position to ₹1,148 crore compared to ₹719 crore reported at the end of December 2023. The company's net debt was at around ₹1,180 crore at the end of March 2023.

As of May 24, the company’s order book stood at 3,331 megawatts. At the end of March 2024, the company’s orderbook was 2,929 megawatts, up 27% from the 2,290 megawatts posted at the end of March 2023. The company has an installed base of 14.7 gigawatts out of a total wind installed base of 45.9 gigawatts in India which is around 32% market share of all the wind energy capacity installed in the country.

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The company also achieved its highest-ever annual installation since 2017. For the year ended March 2024, the company made installations of 0.9 gigawatts. This is up around 78% from 0.5 gigawatts installations made in the year ended March 2023. The company said that the fortified balance sheet with adequate working capital helped achieve this growth. For the year ended March 2017, the company had made installations of 1.8 gigawatts.

The wind energy major's net profit for the March quarter was ₹254 crore, marking a decrease of around 9% compared to ₹280 crore in the same quarter last year. However, revenue from operations for the quarter rose 29% coming in at ₹2,179 crore compared to the ₹1,690 crore in the corresponding quarter of the previous year.

Price Action: Suzlon's share price was down 4.87% to close at ₹45.95 on Friday.

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