Wind turbine manufacturer Suzlon Energy Ltd. reported revenue of ₹1,417 crore during the September quarter. The number is similar to the ₹1,430 crore topline it reported during the same quarter last year.

Net profit for the period stood at ₹102.29 crore from ₹56.47 crore last year. The numbers were aided by lower finance costs. The company's profit grew despite an exceptional loss of ₹34.99 crore during the quarter.

The company had received a show cause notice from market regulator SEBI with regards to specific transactions between Suzlon and its domestic subsidiaries and disclosure of contingent liability with regards to earlier financial years between 2013-14 to 2017-18.

Suzlon's management responded to the allegations and denied the same to the market regulator.

Operating profit or EBITDA for the quarter grew by 32.6% to ₹225 crore from ₹169.7 crore last year, while EBITDA margin expanded by 400 basis points to 15.9% from 11.9% last year.

The company also said that it is now has a net debt free balance sheet post the successful completion of its Qualified Institutional Placement (QIP). Its management added that the current product portfolio of wind turbines continue to see an enthusiastic response from its customers.

Suzlon's current order book is at 1,613 MW. For the rest of the financial year, the management's focus is on executing its order book and commercialisation of the S144 - 3 MW to 3.15 MW series.

"As the market picks up momentum, we have continued to show solid improvement across our value chain," said Suzlon's MD & CEO JP Chalasani. "As a group our focus for the rest of FY24 remains executing our orderbook, commercialization of the S144 – 3.0 MW to 3.15 MW series and driving excellence in our services business," he added.

Shares of Suzlon ended at an upper circuit of 5% at ₹32.85. The stock has tripled so far in 2023, gaining 207%.

First Published:Nov 2, 2023 3:34 PM IST