Green energy stock jumps up to 9% from today’s low after bagging an order for the development of 193.2 MW wind power project from KP Group
Shares of this large-cap company surged around 9 percent from today’s low after bagging a 193.2 MW wind power project for the KP Group. The shares have delivered a multibagger return of 255 percent to its shareholders on a YTD basis.
With a market capitalisation of Rs. 49,691 crores, the shares of Suzlon Energy Ltd started Thursday’s trading session on a lower note at Rs. 34.50 compared to its previous close of Rs. 35.65. The shares hit a high of Rs. 37.25, gaining around 8 percent compared to today’s low of Rs. 33.90. The shares are currently trading at Rs. 36.90 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced of winning a new order for the development of a 193.2 MW wind power project for The KP Group. This will be part of Wind-Solar Hybrid and STU’s (State Transmission Utility) tariff-based project for increasing Renewable Energy contribution in Gujarat. This is the repeat order that the company is receiving from KP Group.
For this, Suzlon will supply 92 units of their S120 – 2.1 MW wind turbine generators (WTGs) with a 140m Hybrid Lattice Tubular (HLT) tower at Vagra and Vilayat in Bharuch district of Gujarat.
Earlier this year, Suzlon had received an order for the development of a 47.6 MW wind power project for The KP Group. The project was located at Vagra in Bharuch district in Gujarat. For this, the company supplied their S133 wind turbines (equipment supply) and supervised the execution and commissioning of the project.
Having a look at the latest financial statements published by the company, the operating revenues as well as net profits have shown positive movements.
The revenue increased by 5 percent from Rs. 1,348 crores during the June quarter to Rs. 1,348 crores in the September quarter. In addition, the net profits marginally increased from Rs. 101 crores to Rs. 102 crores during the same period.
As of September 30, 2023, the company has a well-diversified and healthy order book of 1,613 MW. The company is planning to acquire wind projects from other manufacturers and expand into multi-make models. They aim to add 4.5 to 5 gigawatts in FY24 and 6 to 7 gigawatts in FY25.
Incorporated in 1995, Suzlon Energy Ltd is engaged in the business of manufacturing wind turbine generators and related components with a presence in more than 15 countries across Asia, Australia, Europe, Africa, and America.
Written By Vaibhav Patil
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