Suzlon Energy Q4 Results: Profit Down 21%

Renewable energy solutions provider Suzlon Energy Ltd. on Friday reported nearly 21% decline in consolidated net profit to Rs 254 crore in the March quarter, mainly due to certain exceptional items.

The company reported a consolidated net profit of Rs 320 crore in the year-ago period, a BSE filing said.

Total income rose to Rs 2,207.43 crore in the quarter from Rs 1,699.96 crore in the same period a year ago.

The consolidated net profit in the 2023-24 financial year also declined to Rs 660 crore from Rs 2,887 crore a year earlier.

Total income in the financial year rose to Rs 6,567.5 crore from Rs 5,990.2 crore a year ago.

The company explained that profit after tax or net profit before exceptional items for the March quarter increased 411% to Rs 281 crore on a year-on-year basis.

The cumulative orders as on May 24, 2024 are 3.3 Gigawatt. This includes the order book as on March 31, 2024 of 2,929 Megawatt, plus orders secured subsequently of 402 MW.

"We have been able to create a solid foundation over the last FY (financial year) across all business verticals of technology, manufacturing, projects, and OMS," Suzlon Group Vice Chairman Girish Tanti said in the statement.

This positions the company strongly to lead the sector in years to come, he said, adding, "We stacked up our largest ever order book of value-driven orders for more than 3.3 GW." The board also approved forfeiture of 81,94,063 partly paid-up equity shares of the company worth Rs 2 each issued on rights basis, as the first and final call money of Rs 2.50 per share has not been paid.