Shares of this large-cap company jumped around 4 percent in Friday’s trading session after receiving an order of 81.9 MW from Oyster Green Hybrid One Private Limited. The shares have delivered a multibagger return of 292 percent to its shareholders in one year.
With a market capitalization of Rs. 62,273 crores, the shares of Suzlon Energy Ltd started Friday’s trading session on a higher note at Rs. 45.70 compared to its previous close of Rs. 45.40. During the trading session, the shares hit a high of Rs. 46.90, gaining around 4 percent and are currently trading at Rs. 46 apiece.
Such a positive movement in the share price was observed after the company in exchange filing announced that they had won an order for the development of an 81.9 MW wind energy project for Oyster Green Hybrid One Private Limited to supply 26 wind turbines with a rated capacity of 3.15 MW each.
This order is for the company’s larger rated 3.15 MW, S144‐140m turbines from the 3 MW product series. As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning and will also undertake comprehensive operations and maintenance services post‐commissioning.
Furthermore, the total capacity of the project comes up to 81.9 MW, which will be installed at Agar in Madhya Pradesh and electricity generated from the project will be supplied to Commercial and Industrial (C&I) customers under the captive model.
The company stated that a project of this size can provide electricity to 67 thousand of households and curb 2.66 lakh tonnes of CO2 emissions per year.
This is the third order that Suzlon has won in the last 10 days. Earlier, on 22nd May, Suzlon won a new order for the development of 402 MW wind energy projects for Juniper Green Energy.
For this, the company will install a total of 134 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW for both projects at the Suzlon proposed site at Fatehgarh in Rajasthan.
Additionally, on 29th May, the company received another large order of 551.25 MW for the 3 MW series from Aditya Birla Group. The order is to be executed across two sites, 368.55 MW at the site developed by Suzlon in the Barmer district, Rajasthan and another 182.70 MW at the site developed by the client in the Bhuj district, Gujarat.
Moreover, Brokerage firm Nuvama recently initiated coverage on Suzlon Energy with a “buy” rating and a price target of Rs. 53 per share indicating a potential upside of 13 percent compared to its current market price.
Coming onto the company’s financial statements, the revenue zoomed by 40 percent from Rs. 1,552.91 crores during the December quarter to Rs. 2,179.2 crores during the March quarter. In addition, the net profits increased by 25 percent from Rs. 203.04 crores to Rs. 254.12 crores during the same period.
As of May 2024, the company recorded the Largest ever order book of 3.3 GW, this includes the order book as of March 31, 2024, of 2,929 MW, plus orders secured subsequently of 402 MW.
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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