Suzlon Energy rises as Q3 PAT soars 108% YoY

Suzlon Energy advanced 1.85% to Rs 9.37 after the company's consolidated net profit jumped 107.9% to Rs 78.36 crore in Q3 FY23 as against Rs 37.69 crore posted in Q3 FY22.

However, revenue from operations fell 9.3% year on year (YoY) to Rs 1,448.97 crore in the quarter ended 31 December 2022.

Profit before tax surged 86.8% YoY to Rs 77.59 crore during the third quarter as compared with Rs 41.54 crore reported in the same quarter last year.

During the quarter, EBITDA stood at Rs 215 crore while EBITDA margin was at 14.9%.

Net debt reduced to Rs 2,035 crore as on 31 December 2022 as against Rs 2,723 as of 30 September 2022.

Ashwani Kumar, chief executive officer, Suzlon Group, said, Q3 has been a stable quarter for us in line with our plans. Our priority going forward is pursuing quality orders with higher value and better margins. Our service business continues to do well, and our focus remains on executing our orderbook. We commissioned the first machine of our largest wind turbine series, the S144-3.x MW at Sankaneri, Tamil Nadu, in December 2022, and the early performance reports are very encouraging.

With the consistent strengthening of our fundamentals, Suzlon is now equipped to leverage the tailwinds of the sector from a position of strength as demonstrated by our consistently improving performance and relentless debt reduction endeavours.

Himanshu Mody, chief financial officer, Suzlon Group, said, "Q3 of FY23 has seen us register consistent improvement on all our key parameters. Our balance sheet is stronger as a result of significant debt reduction post the Rights Issue. We continue to maintain a tight control on costs, which is being reflected in our profit margins. Our consolidated Q3 PAT of Rs 78 crore is the highest quarterly PAT before exceptional items reported by the company in more than five years. As commodity prices and supply chain issues stabilize, the positive impact of the same will be apparent in the coming quarters. I am happy with the way we are progressing on initiatives to strengthen our fundamentals while keeping a bottom-line focus.

The Suzlon Group is one of the leading renewable energy solutions provider in the world with presence in 17 countries.

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