Suzlon Energy Bags Repeat Order From KP Group, Shares Rally 243% YTD

Suzlon Energy shares witnessed a gain of 3.57% in trade today after it announced a new order win for the development of a 193.2 MW wind power project for The KP Group. This will be part of Wind-Solar Hybrid and STU's (State Transmission Utility) tariff-based project for increasing Renewable Energy contribution in the state of Gujarat. Suzlon will supply 92 units of their S120 - 2.1 MW wind turbine generators (WTGs) with a 140m Hybrid Lattice Tubular (HLT) tower at Vagra and Vilayat in Bharuch district of Gujarat, added the press release.

Suzlon will execute the project with a scope of supply, supervision, and commissioning. Additionally, Suzlon will also undertake post-commissioning operation and maintenance services.

Girish Tanti, Vice Chairman, Suzlon Group said, "With an extremely conducive policy environment offered by Gujarat, this order from The KP Group is a testament of India Inc's commitment to building a sustainable India. It is heartening to see the private sector step up to the task with such enthusiasm, especially through the C&I segment that will help MSME to become globally competitive by switching to green power."

JP Chalasani, Chief Executive Office, Suzlon Group said, "We are delighted to announce a repeat order from The KP Group. The KP Group has been a long-standing player in renewable energy and has consistently worked towards increasing renewable energy installations in the country. Suzlon takes pride in the fact that committed customers like The KP Group continue to select our leading technology and comprehensive capabilities throughout the entire wind energy value chain."

Dr. Farukbhai Gulambhai Patel, Chairman and Managing Director, KP Group said, "This project is in line with our goal to unlock India's renewable energy potential and power the commercial and industrial sectors and the people of Gujarat. As India's leading renewable energy solutions provider with proven technology, Suzlon is the right partner for us."

Suzlon Energy Stock Performance & Return: Current market price of Suzlon Energy share on BSE is Rs 36.89 per share. Its 52-week high price is Rs 44.00 per share and 52-week low price is Rs 6.96 per share, respectively. The company has a market capitalisation of Rs 50,098.00 crore. Suzlon Energy shares declined 6% in last 1-month, gave return of 163% in last 6-months, soared 243% YTD, offered rally of 260% in last 1-year, and surged 434% in last 2-years. In last 3-years, Suzlon Energy stock rallied 722%.

Suzlon Energy Quarterly Results: The company on November 2, 2023 declared more than 81% surge in consolidated net profit to Rs 102.29 crore for the quarter ended September 30, 2023-24 amid fall in expenses. The company announced its net profit in the year-ago period at Rs 56.47 crore, as per the BSE filing. The company's total income fell to Rs 1,428.69 crore in the Q2 from Rs 1,442.58 crore in the corres ponding period a year ago. Total expenses fell to Rs 1,291.26 crore from Rs 1,427.84 crore.

"At the end of Q2 FY24, our orderbook stands at a healthy 1,613 MW...Our service business continues to do well, while our forging and foundry business SE Forge consolidated on its foundation for future growth," J P Chalasani, Chief Executive Officer, Suzlon Group, said.

Suzlon Energy About: The Suzlon Group is one of the leading renewable energy solutions providers in the world with ~20.3 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India; the Group comprises of Suzlon Energy Limited (NSE: SUZLON & BSE: 532667) and its subsidiaries. A vertically integrated organisation, with in‐house research and development (R&D) centres in Germany, the Netherlands, Denmark and India, Suzlon's world‐class manufacturing facilities are spread across 14 locations in India.

About KP Group: The KP Group was founded by Dr. Farukbhai Gulambhai Patel in 1994 which is now well recognized group of Gujarat. What started as a logistics service provider in 1994 is now a group with a combined turnover of around ₹ 12 Billion with 1GW commissioned in Renewable projects. The Group has completed more than 28 years of its successful operations and today consists of several group of companies, all contributing to the fast and robust growth of the group.