Shares of Suzlon Energy surged 5 percent to Rs 57.82 per unit, hitting the upper circuit limit and marking a new 52-week high. The company’s market capitalization exceeded Rs 78,000 crore. This surge followed the announcement of robust financial results for the June 2024 quarter (Q1 FY25), which were released post-market hours on Monday.
Suzlon Energy reported a net profit of Rs 302 crore for the quarter ended June 30, 2024, more than tripling from Rs 101 crore in the same quarter the previous year. Revenue from operations rose 50 percent year-on-year to Rs 2,016 crore, up from Rs 1,348 crore. EBITDA increased by nearly 86 percent to Rs 370 crore, with margins improving to 18.4 percent from 14.8 percent. The company’s balance sheet remained strong, boasting a net cash position of around Rs 120 crore.
Following these results, Suzlon’s shares surged 5 percent, locking at the upper circuit limit of Rs 57.82 and hitting a new 52-week high. The market capitalization surpassed Rs 78,000 crore, with the stock having closed at Rs 55.07 on Monday.
Morgan Stanley reiterated its ‘overweight’ rating on Suzlon Energy, setting a target price of Rs 58.5 per share. The global brokerage firm noted that Suzlon’s earnings showed a strong beat, with total deliveries reaching 274 MW against an estimated 250 MW.
In the April-June quarter, Suzlon achieved its highest Q1 deliveries in seven years at 274 MW and its highest quarterly EBITDA in seven years. The company also reported its largest-ever order book of 3.8 GW since inception.
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