Suzlon Energy - Strengthening The Core: ICICI Securities

ICICI Securities Report

Suzlon Energy Ltd. has entered into an agreement to sell and lease back its prime real estate in Pune for next five years. The deal has been finalised at Rs 4.4 billion. The capital will be utilised to increase execution and capability of Suzlon to gather incremental orders. This is in line with its strategy to sell non-core assets – stated in April 2022.

Orderbook of Suzlon has increased to 4GW, highest in its history and we believe there is enough opportunity to add sizeable order inflow in FY25. Its current orderbook provides visibility of execution for next two years. Also, a large number of orders of ~1.5 GW from public sector entities are yet to be finalised.

We are baking in more than 2GW of order inflow in FY25E and FY26E. Maintain Add with a revised target price of Rs 80.

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