Suzlon‘s share price rocketed on Tuesday morning going up around 5% to hit a new 52-week high of ₹57.83.

What Happened: Suzlon reported a net profit of ₹302.29 crore for the quarter, a 200% increase from ₹101 crore last year. Revenue from operations was ₹2,015 crore, up 49% from ₹1,347 crore. EBITDA rose 86% year-on-year to ₹370 crore, with an EBITDA margin of 18.4%. The company’s order book grew to 3.8 gigawatts from 3.3 gigawatts in May 2024.

See Also: Budget 2024 Live Updates: Nirmala Sitharaman At Finance Ministry

Reacting to the results, Morgan Stanley maintained an “overweight” rating on Suzlon Energy, with a price target of ₹58.5. The brokerage said that the earnings for the June quarter were a strong beat, with deliveries of 274 megawatts, exceeding the estimated 250 megawatts. The WTG segment contribution margin stood at 22.4%. As per the analysts, the company’s balance sheet remains also robust.

Price Action: Suzlon’s share price was up 4.99% to trade at ₹57.83 as the markets opened on budget day.

Read Next: ONGC To Announce Q1 Results On August 5

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.