Shares of this large-cap company jumped 3 percent after bagging a 300 MW wind power project from Apraava Energy . On a YTD basis, the shares have delivered a multibagger return of 257 percent to its shareholders.
With a market capitalisation of Rs. 51,509 crores, the shares of Suzlon Energy Ltd started Thursday’s trading session on a flatter note at Rs. 37.20 compared to its previous close of Rs. 37.05. The shares hit a high of Rs. 38.50, gaining 3 percent and are currently trading at Rs. 38.20 apiece.
Such a positive movement was observed after the company in an exchange filing announced that they had received a new order for the development of a 300 MW wind power project for Apraava Energy Private Limited.
For this, Suzlon will install 100 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each at the client’s site in the state of Karnataka.
As part of the agreement, the renewable energy company will supply the wind turbines (equipment supply) and supervise the project including commissioning and will also undertake comprehensive operations and maintenance services after post‐commissioning.
Furthermore, the company mentioned that a project of this size can provide electricity to 2.47 lakh households and curb 9.75 lakh tonnes of CO2 emissions every year.
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. 1,351 crores during Q1FY24 to Rs. 1,421 crores in Q2FY24. In addition, the net profits marginally increased from Rs. 101 crores to Rs. 102 crores during the same timeframe.
As of September 2023, the company has a well-diversified and healthy order book of 1,613 MW and its key clientele consists of Reliance Industries, Adani Renewables, Blackrock, Gail, Tata, and many more.
The company is planning to acquire wind projects from other manufacturers and plans to 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, America. Europe, and Africa.
Written By Vaibhav Patil
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