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ICICI Securities Report
Suzlon Energy Ltd.'s has successfully turned a corner in recent times by:
raising Rs 20 billion through QIP; and
retiring debt.
This has enabled Suzlon to post a robust financial turnaround, which is evident in its Q3 FY24 results. Revenue grew 7% YoY to Rs 15.5 billion, Ebitda is up 15% YoY to Rs 2.5 billion and profit after tax is up 2.6 times YoY to Rs 2 billion aided by lower finance costs.
Further, Suzlon recorded strong order inflows in year-to-date-FY24 of 2.9 giga watt and has a robust order backlog of 3.1 GW, as of December 2023 (five times trailing twelve months execution of 620 mw); the order inflow pipeline still remains strong in the medium term.
We maintain 'Add' with a revised target price of Rs 48 (earlier Rs 36), valuing the stock at 35 times FY26E earning per share of Rs 1.4/share.
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