Wind turbine manufacturer Suzlon Energy posted a net profit of ₹1.01 billion (~$12.3 million) during the first quarter (Q1) of the financial year (FY) 2024, a decrease of 96% year-on-year (YoY).

The drop in net profit can be attributed to the exceptionally high net profit recorded in Q1 2024, primarily due to exceptional gains from converting financial instruments as part of the company’s refinancing efforts.

The company’s net revenue for the quarter was ₹13.48 billion (~$164.5 million), a marginal decrease of 2% YoY.

Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled ₹2.07 billion (~$25.2 million), up 12% YoY.

“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,” said JP Chalasani, Chief Executive Officer, Suzlon Group.

“The serial production of our larger turbines in the 3 MW to 3.15 MW series with a rotor diameter of 144 mts is one of our top priorities going forward in line with customer expectations,” he said.

As of June 31, 2023, the company has supplied to 20.1 GW installed wind energy projects, with a roughly 33% cumulative market share in India and an overall presence across 17 countries.

The company has secured cumulative orders totaling 1,582 MW. This comprises 149 MW of existing orders and an additional 1,433 MW secured subsequently.

Last October, Suzlon announced raising ₹12 billion (~$146.4 million) through a rights issue of 2.4 billion partly paid-up equity shares. The issue was oversubscribed 1.8 times.

In December 2022, the company also approved the sale of its remaining stake of 51.05% in the subsidiary Vayudoot Solarfarms to Ahmedabad-based Aries Renewables for a consideration of ₹142.3 million (~$1.7 million).