Suzlon Q3 Results: Net Profits, EBITDA See A Hike On YoY Basis

Suzlon Q3 Results: Net Profits, EBITDA See A Hike On YoY

Indian Wind Turbine manufacturer Suzlon announced its financial results for Q3 for FY24. The Pune-based firm reported a 160 percent rise in its net profit in Q3 on a Year-on-Year (YoY) basis. 

In its filing before the Bombay Stock Exchange (BSE), the publicly listed company reported that its net Profit After Tax (PAT) reached Rs 203 crore in Q3FY24. This is a significant increase from last year’s total net PAT of Rs 78 crore during the same period. According to the details, the company’s net profit after tax (PAT) experienced a decline in the last nine months of FY24. In the nine months of FY23, it reported a total net PAT of Rs. 2,567 crore, whereas in FY24, its total net PAT was only Rs. 406 crore.

The company reported that its net revenues increased during the third quarter of FY2024, reaching Rs 1,553 crore compared to Rs 1,449 crore in the third quarter of FY2423, thus representing a 7% increase. Furthermore, the company’s quarterly report stated that its EBITDA (pre-FX) also rose from Rs 212 crore in Q3FY23 to Rs 247 crore in Q3FY24.

The management of the Indian wind energy firm said that new orders gave a boost to the financial results. Girish  Tanti,  Vice  Chairman,  Suzlon  Group, said,  “In  Q3  of  FY24,  we concluded  2023  on a  strong note. The quarter showcased impactful policies propelling India’s renewable energy vision ahead.” “At Suzlon, we’ve witnessed a pivotal year of foundational growth, and in Q3 of FY24, we’ve solidified this foundation with a robust performance and a substantial influx of new orders from our marquee customers.  We deeply appreciate the trust bestowed upon us by our customers and eagerly anticipate collaborating with them to realize their green energy aspirations.  The coming decade holds immense promise for renewables globally, and we are on track to strengthen all our strategic pillars to seize this opportunity from a position of strength”.

JP Chalasani, Chief Executive Officer of Suzlon Group, said, “In Q3 FY24, our performance aligns seamlessly with our strategic objectives.  We have seen a good in‐flow of high‐value orders,  a  testament to the quality of our offerings. During this quarter, our primary emphasis has been on the efficient execution of our order book.  Our  top  priority  is  to  drive  operational  excellence  with  unwavering focus towards creating substantial value for all our stakeholders.”  “Our service business continues to do well.  We  are  concentrating  our  efforts  towards  creating  a  better  customer  experience,  a  stronger  organization  and  management  structure  in  our  service  business in line with expected growth of the sector.”