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Renewable energy solutions provider Suzlon Energy Limited has declared its financial results for the period ended June 30, 2023.
Financial Results (Q1 FY2024) - Quarter on Quarter Comparison
The total income of the firm stands at INR 1361.68 crores in the period ended June 30, 2023. The total income when compared to that in Q4 FY2023 was INR 1699.96, reflecting a significant slowdown of 19%, despite some notable order wins
Similarly, the firm has reported a net profit / (loss) of INR 100.90 crores in Q1 FY2024. This figure was pegged at INR 279.89 crores for the period ended March 31, 2023. Thus, there has been a downslide of over 63% in the net profit as well on a QoQ basis.
Financials | Q1 FY2024 | Q4 FY2023 | % Change |
Total Income | ₹ 1361.6 crs | ₹1699.9 crs | ![]() |
Net Profit | ₹100.9 crs | ₹279.9 crs | ![]() |
In Y-o-Y comparisons too the firms has seen a major dive. In period ended June 30, 2023 (Q1FY23), the firm has reflected net profit / (loss) of INR 100.90 crores as against over INR 243.3 crore in Q1FY23. The descent is especially evident in the net profit which was over INR 243 cr in Q1FY23 but is now INR 100.90 cr in Q1FY24- making up a major slide of over 58%.
Financials | Q1 FY2024 | Q1 FY2023 | % Change |
Total Income | ₹ 1361.7 crs | ₹1383.5 crs | ![]() |
Net Profit | ₹100.9 crs | ₹243.3 crs | ![]() |
Orderbook
Despite the numbers looking not-so-great in the first quarter of FY24, the firm has an orderbook that is close to 1.6 GW. This year, the firm has been on an order-winning streak with orders bagged from firms such as Everrenew, Torrent Power, Serentica, Vibrant Energy among others.
The firm's 3 MW series of wind turbines has struck a chord in the market, helping upgrade its orderbook.
JP Chalasani, Chief Executive Officer, Suzlon Group, said, “At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt our focus is now on ramping up our operations to service our cumulative orders which stand at a healthy 1,582 MW as on date. The serial production of our larger turbines in the 3 MW to 3.15 MW series with a rotor diameter of 144mts is one of our top priorities going forward in line with customer expectations."
With wind energy seeing a strong revival in the past few quarters, Suzlon is expected to keep building on orders, with the only risk factor being disruptions to supply chain, if at all. Service related issues like those being seen in global majors like Siemens Gamesa and GE Wind are not expected to surface in India, as the turbines being sold here are of a lesser capacity that have not been susceptible to the kind of issues the global majors have been facing.