The share of the market leader in wind turbines hit 5 percent lower circuit of Rs 47.35 apiece. after the company’s independent director resigned on June 8, 2024.
With a market capitalization of Rs 64,659.15 crore, the shares of Suzlon Energy Ltd. were trading in red at Rs 47.38 per share, decreasing around 4.94 percent as compared to the previous closing price of Rs 49.84 apiece.
Today company shares have seen bearish movement after Suzlon Energy Ltd’s independent director resigned on June 8, 2024, and said the corporate governance standard applied by the company did not meet his expectations including the situation where communication was lacking the level of openness and transparency.
Looking into the company’s financial performance, revenue soared by 29 percent from Rs 1,694 crore in Q4FY23 to Rs 2,196 crore in Q4FY24, but during the same period, net profit shrink by 21 percent from Rs 320 crore to Rs 254 crore.
Suzlon Energy Ltd has a market leader position with a 27 percent market share in the financial year 2024, the company has over 111 wind farms and an installed capacity of over 14,720 MW in India.
As of March 31, 2024, Suzlon Energy had an order book of 2,929 MW. Subsequently, the the company secured additional orders of 402 MW, bringing the cumulative order book to 3.3 GW as of May 24, 2024.
The company has a large client base which includes, ACC, BlackRock, ONGC, Bajaj, Reliance Industry, Tata Group, Torrent Power, Shree Cement, and many more.
Suzlon Energy Limited is an Indian renewable energy solutions supplier. The company manufactures wind turbine generators (WTGs) and related components in a variety of capacities. It works in over 17 countries across Asia, Australia, Europe, Africa, and the Americas.
Written by:- Abhishek Singh
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