Suzlon Energy Q4 Results: Firm posts net profit of Rs 320 crore against Rs 205.52 crore loss YoY

Suzlon Energy on Tuesday posted a consolidated net profit of Rs 320 crore for the three months ended March quarter on lower expenses. The company had posted a consolidated net loss of Rs 205.52 crore in the year-ago period, according to a regulatory filing. Consolidated net profit for FY23 stood at Rs 2852 crore against a net loss of Rs 258 crore in FY22.

Total income for the March quarter was down 31% Rs 1700 crore against Rs 2478 crore in the year-ago period. Total income for FY23 was down 9% at Rs 5990 crore.

Girish Tanti, Vice Chairman, Suzlon Group, said, “As evident from these results we have closed FY23 with a strong financial performance and the successful launch of our powerful 3 MW technology platform. Our key strategic initiatives remain on track to fuel long‐term growth of the company."

In an financial presentation uploaded on the BSE, the company said its net worth has turned positive at Rs 1,099 crores after a decade and there is a substantial reduction of debt due to rights issue and refinancing accomplished during FY23.

JP Chalasani, Chief Executive Officer, Suzlon Group said, “FY23 has been a year of demonstration and consolidation for Suzlon. We have addressed our challenges comprehensively over the last three years and FY23 was a year where the results were there for all to see. We reduced our net debt by more than 90% over the last three years to address our capital structure issues while responding to the market requirement of a larger wind turbine through our S144 – 3 MW series technology platform."

Chalasani added that the company has cumulative orders of 1,542 MW which is the highest since 2019 and includes the order book as on March 31, 2023, of 652 MW plus orders secured subsequently of 890 MW.

"Out of this 780 MW is for our new 3 MW series demonstrating the immense trust that our customers have in Suzlon’s expertise and product technology." Shares of Suzlon closed 3.1% higher, at Rs 10.67 on Tuesday as compared with a 0.20% gain in the benchmark Sensex.