The share of multibagger green energy stock hit the 5 percent upper circuit after announcing a strong Q2 FY24 result. The company’s shares have delivered more than 25 percent return to its shareholders in just one month.
With a market capitalization of Rs. 44,649 crores, the shares of Suzlon Energy Ltd started their Friday trading session positively. The share opened at Rs. 33.20 level and went to hit a 5 percent upper circuit at Rs. 34.25 apiece. The share has also made a new 52-week high at the same price.
Such a positive movement was observed after the company announced its June-September results. The company increased its revenue by 5 percent from Rs. 1,348 crores during Q1 FY24 to Rs. 1,348 crores in Q2 FY24. In addition to this, the net profit marginally increased from Rs. 101 crores to Rs. 102 crores during the same period. The order book of the company stood at Rs. 1,433 crores during the recent quarter.
Comparing these metrics on a YoY basis, the revenue slipped marginally by 0.92 percent from Rs. 1,430 crores during Q2 FY23 to Rs. 1,417 crores in Q2 FY24. On a contrasting note, the net profit increased by 82 percent from Rs. 56 crores to Rs. 102 crores keeping the timeframe the same.
The company also said that it, now, has a net debt-free balance sheet after the successful completion of its Qualified Institutional Placement (QIP). Its management added that the current product portfolio of wind turbines continues to see an enthusiastic response from its customers.
In just 6 months, the company’s stock has delivered multibagger returns of 322 percent to its stakeholders. For example, if someone had invested Rs. 1 lakh six months ago, then, the worth of those shares would be Rs. 4.22 lakhs now.
According to the latest shareholding pattern, the company has a high number of Retail investors holding 66 percent, Promoters of the company have 13 percent of shares, FII has a 9.98 percent stake and the remaining 10.73 percent is with DIIs.
Headquartered in Ahmedabad Suzlon Energy Ltd was established in 1995. Presence in 17 countries across Asia, Australia, Europe, Africa, and America which has expertise in renewable energy solutions.
Written By Vaibhav Patil
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