Wind turbine manufacturer Suzlon Energy recorded a total income ₹15.7 billion (~$189.04 million) during the third quarter (Q3) of the financial year (FY) 2024, an increase of 7% year-over-year (YoY) from ₹14.64 billion (~$176.27).

The company posted a net profit of ₹2.03 billion (~$24.44 million) during Q3 FY 2024, an increase of 160% YoY from ₹782.8 million (~$9.42 million).

The increase in net profit can be attributed to the reduction in operating and other expenses during the quarter. The company reported a substantial 83% reduction in finance costs to ₹142.8 million (~$1.71 million).

Suzlon’s earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled ₹2.48 billion (~$29.86 million), up 16.5% YoY.

“In Q3 FY 2024, we have seen consistent improvement in performance across parameters with healthier margins, a net cash position, and higher YoY EBIDTA. We continued our streak with another profitable quarter, reporting a consolidated PAT of ₹2.03 billion (~$24.44 million). Another highlight of the quarter was securing non-fund-based working capital lines from REC, which was critical for a faster ramp‐up of our operations and improved utilization of installed capacities,” said Himanshu Mody, Chief Financial Officer, Suzlon Group.

As of December 31, 2023, the company has ~20.5 GW of installed wind energy capacity, with a roughly 32% cumulative market share in India and an overall presence across 17 countries.

9M 2024

Suzlon recorded a total income ₹43.6 billion (~$524.97 million) during the first nine months (9M) of FY 2024, a 2% YoY increase from ₹42.9 billion (~$516.54 million).

The company posted a net profit of ₹4.06 billion (~$48.88 million) during 9M FY 2024, a decrease of 84% compared to ₹ 25.67 billion (~$309.06) during the same period last year.

The decrease in net profit for the April-December period is primarily due to an exceptional loss stemming from the difference in de-recognition resulting from the full conversion of Optionally Convertible Debentures and Cumulative Convertible Preference Shares after accounting for transaction costs.

The EBITDA for the period totaled ₹6.78 billion (~$81.63 million), a YoY increase of 12% from ₹6.05 billion (~$72.84 million).

The company’s order book stands at 3,157 MW.

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

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).