Q4 Results: Suzlon Reports 30% Rise In Revenue, 20% Dip In PAT

Suzlon Reports Highest Ever Orders With India's Rise On Wind

Indian Wind Turbine Manufacturer Suzlon Energy Limited today released its annual and Q4 financial results. The audited consolidated results claimed the company reported a 30 percent rise in its total revenues compared to the Q4 of FY23. The Pune-based company however reported a 20 percent dip in its Profit After Tax. 

As per the details submitted before the BSE, Suzlon reported a total revenue of Rs 2,207.43 crore in FY24 while it had reported a total revenue of Rs 1,699.96 crore in Q4 of FY23, witnessing a rise of 30 percent. On the other hand, the company had also reported a total revenue of Rs 1,569.71 crore in Q3 of FY24. Thus on Quarter-on-Quarter (QoQ) basis, Suzlon reported a rise of 40% in its revenues.  

On the other hand the company’s Profit-After tax (PAT) witnessed a decline on a YoY basis but on a QoQ basis, the company reported a rise. The company’s PAT stood at Rs 254.12 crore in Q4 of FY24 while during the same period last year it stood at Rs 319.99 crore. Thus on a YoY basis, Suzlon witnessed a 20 percent dip in its PAT. The company’s PAT in Q3 of FY24 stood at Rs 203.04 crore. Thus on a QoQ basis, Suzlon reported a rise in PAT by 25%.

In terms of its annual performance, Suzlon’s total revenue in FY24 stood at Rs 6,567.51 crore against its FY23 revenue of Rs 5,990.16 crore. The figures hint that the wind energy company saw a rise in its annual revenues by 9.6 percent. However when it comes to PAT there was a major decline. While the company reported a total PAT of Rs 660.35 crore in FY24, its total annual PAT in FY23 stood at Rs 2,887.29 crore, hinting at a total decline by 77%. 

Company’s response

The company in its response said that it recorded its highest consolidated EBITDA and PAT before exceptional items in 7 years while also has the largest order book of 3.3 GW. 

Girish Tanti, Vice Chairman, Suzlon Group, said, “We have been able to create a solid foundation over the last FY across all business verticals of technology, manufacturing, projects, and OMS. This positions the Company strongly to lead the sector in years to come. We stacked up our largest ever order book of value-driven orders for more than 3.3 GW. We also added several leading Indian conglomerates to our customer portfolio with long-term relationships and repeat orders. This aligns well with our commitment to powering the industries’ net-zero commitments with green energy. We rebuilt our organisational strength and expanded our leadership team, acquiring critical multi-industry talent.”

JP Chalasani, Chief Executive Officer, Suzlon Group, said, “FY24 has been a year of consolidation and steady progress. In addition to our order book expansion, we have done well on the technology, manufacturing, and EPC fronts. We launched our S144 – 3.x MW series and garnered a sizable order book for the same. The commercialisation of the S144 was completed and delivered it to the market as per plan. During the year, we commissioned 882 MW, which is a growth of 78% over the previous year. With a clear customer-first approach, we are driving operational excellence on the foundations of Safety, Quality, ESG, and Diversity. In addition to business consolidation, organisation building had been a key area of focus for us in FY24, enabling us to meet the growing stakeholder expectations.”

“FY24 has been an extremely gratifying year as we built the foundation for future growth. It has also been a year when we could create value and excellence across our value-chain, positioning Suzlon as a complete end-to-end solutions provider for wind energy.” 

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, “FY24 has been a year of sound financial performance across all parameters. Our consolidated balance sheet is strengthened with a sizable net worth of INR 3,920 crores, consolidated PAT of INR 714 crores, and a landmark EBITDA of INR 1,029 crores. This year saw profits and profit growth across all four quarters. We continue to maintain a cost-conscious approach even while factoring in our growth plans. Our priority remains timely execution of our order book, and I believe that we are moving in the right direction. I am excited about the organisation-wide digitisation and digitalisation initiatives that will help unlock value across our businesses, particularly the service business.”