Shares of this large-cap green energy stock hit the 5 percent upper circuit during the last trading minutes on Wednesday after the company announced robust results for Q3FY23–24, i.e., for the quarter ended December 2023.
With a market capitalization of Rs 62,472.78 crores, the stocks of Suzlon Energy Limited started their trading session on Wednesday at Rs 44.45 and closed at Rs 46.01, hitting the 5 percent upper circuit compared to the previous closing levels of Rs 43.82 apiece.
The company’s locked share price is also marked as the company’s fresh 52-week high price. Keeping a purview of six months, the company’s stock has delivered multibagger returns of 138 percent, i.e., if someone had invested Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 2.38 lakhs.
Such bullish stock price movements were observed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended December 2023.
During the recent financial quarters, the company reported a jump in both the prime indicators of business, viz, operating revenues as well as after-tax profits with the former taking a shift from Rs 1,417 crores during Q2FY24 to Rs 1,552 crores during Q3FY24, and the after-tax profits, during the same period, rising from Rs 102 crores to Rs 203 crores.
Moreover, the company, yearly, reported an increase in both metrics mentioned above with the operating revenues rising from Rs 1,448 crores during Q3FY23 to Rs 1,552 crores during Q3FY24, and the latter, keeping the timeframe the same, shifted from Rs 78 crores to Rs 203 crores exhibiting an increase of 160 percent.
According to the latest shareholding data available for the quarter ended December 2023, the company’s Promoters hold a 13.29 percent stake, and the Public (retail) investors hold a 62.74 percent stake in the company.
In addition, the Foreign Institutional Investors (FIIs), recently increasing their stake, currently hold a considerable stake of 17.83 percent in the company.
Incorporated in 1995, Suzlon Energy Limited is engaged in the business of providing renewable energy solutions. The company’s product portfolio comprises wind turbine
generators as well as other solar energy solutions. The company derives a majority of its revenue from India, Europe, Canada, and the United States.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
