Suzlon Energy Hits 14-Year High, Rallies 31% Since Q1 Results Announcement
The stock rose 0.41% intraday on the NSE to Rs 71.64 apiece, the highest since March 8, 2010.
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Shares of Suzlon Energy Ltd. surged to the highest level in over 14 years on Monday as it gained 31% since it announced its results for the quarter ended June.
The company's consolidated net profit jumped threefold to Rs 302 crore in the first quarter of the current financial year, according to an exchange filing on July 22, beating the consensus estimate of Rs 243.7 crore by analysts tracked by Bloomberg.
Suzlon Q1 FY25 Earnings Highlights (Consolidated, YoY)
Revenue up 50% to Rs 2,022 crore versus Rs 1,351 crore (Bloomberg estimate: Rs 2,132 crore).
Ebitda up 78% to Rs 367 crore versus Rs 207 crore (Estimate: Rs 239 crore).
Ebitda margin at 18.2% versus vs 15.3% (Estimate: 11.2%).
Net profit up 200% to Rs 302 crore versus Rs 101 crore (Estimate: Rs 243.7 crore).
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On the NSE, Suzlon's stock extended its gains from Friday and rose as much as 0.41% during the day to Rs 71.64 apiece, the highest since March 8, 2010. It was trading 2.3% lower at Rs 69.76 per share, compared to a 2.12% decline in the benchmark Nifty as of 10:43 a.m.
The share price has risen 82.54% on a year-to-date basis and 183.91% in the last 12 months. The total traded volume on the NSE so far in the day stood at 1.05 times its 30-day average. The relative strength was at 75.18, indicating that the stock was overbought.
Out of the five analysts tracking the company, three have a 'buy' rating on the stock and two recommend 'hold,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1%.
