The shares of one of the world’s top renewable energy solution providers and biggest portfolio of wind energy assets rose 4.85 percent to Rs 20.55 per share, after an Ace investor picked stake in the company.
Suzlon Energy Ltd shares reached the upper circuit of Rs 20.55 a share on the National Stock Exchange at 1:45 p.m., up 4.85 percent, with a market capitalization of Rs 25,582 crores.
As per BSE data, Ace investor Mukul Mahavir Agrawal picked 13,00,00,000 shares or 1.04 percent stake in the company as of the June 2023 quarter.
In the last three months, the stock gained a multibagger return of 158 percent from Rs 7.95 to current levels. As a result, a shareholder who purchased 1 lakh shares of the company three months ago now has holdings worth 2.58 lakhs!
Suzlon Energy Ltd.,an end-to-end wind power solutions supplier in India, manufactures wind turbine generators, power generating, and related equipment.
A company’s order books have risen significantly. Suzlon’s model portfolio includes models ranging from 225kW to the recently announced 3MW series, which accounts for 51 percent of the current order book of 1,542MW.
Suzlon’s operational revenue grew by 16 percent to Rs 1,694 in the fourth quarter of FY23 compared to the previous quarter, while net profit jumped 309 percent to Rs 319 crore.
Company’s revenue fell 9.2 percent year on year, from Rs 6,581 crore in FY 21-22 to Rs 5,970 crore in FY 22-23. The company’s net profit has climbed by 1,839 percent, from loss of Rs 166 crore to Rs 2,887 crore, and its debt-to-equity ratio is 1.73.
Prabhudas Lilladher, a brokerage, has set a target of Rs 25, representing a 21 percent upside over the current price level. The percentage of foreign institutional investors in the company has risen from 6.29 percent in June 2022 to 7.79 percent in June 2023.
Written by Omkar Chitnis
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