Suzlon Energy Shares Jump 5% Higher On Strong Q2 Results, Net Profit Grows 78%

Suzlon Energy shares traded 5% higher at Rs 34.44 per share at 10:05 am IST on Friday after the company reported strong Q2 results with net profit growing 78% at Rs 102.29 crore for the quarter ending September 30, 2023. The lift in the stock's share price in today's intraday trading reflects investors' confidence in the company and also shows that traders are pleased with the company's Q2FY24 results.

On Thursday, Suzlon Energy Ltd announced its second-quarter results for the financial year 2023-24 (Q2 FY24). During this period, the renewable energy firm's consolidated net profit stood at Rs 102.29 crore, up 78.11% compared to Rs 57.43 crore in the year-ago period. The company's revenue from operations declined 0.92% to Rs 1,417.21 crore in Q2 FY24 compared to Rs 1,430.38 crore in the corresponding period last year.

The company's EBITDA (pre‐Fx) came at Rs 224 crores in Q2 FY24 and EBITDA margin (pre‐Fx) of 15.8%, YoY EBITDA (pre‐Fx) growth of 7.8%.

The company had a net cash position of Rs ~599 crores as of Sep'23 vis-à-vis Net debt of Rs ~1,180 crores as of Mar'23.

Commenting on the results, JP Chalasani, Chief Executive Officer of Suzlon Group, said, "We have closed another satisfying quarter in line with our business plan for FY24. Our performance in Q2 FY24 has been consistent and heartening. As the market picks up momentum, we have continued to show solid improvement across our value chain."

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, "I am happy to note that we have shown solid and improved operating performance across all our businesses. We were anchored strongly with a net cash of INR ~599 crores by September 2023 which is a significant

shift from Net Debt of INR ~1,180 crores in March 2023. Despite slightly lower YoY volumes, we have recorded higher EBITDA owing to healthier margins. Our profit uptake is also significantly higher with over eight times YoY growth in PAT* for H1 FY24."

Suzlon Energy is a multibagger stock as the last one year returns from the stock have increased 326.77%.