Share price of one of India’s largest renewable energy solutions providers moved up by nearly 3.7 percent to Rs. 44.85 on Tuesday, compared to its previous close of Rs. 43.25 after the announcement of securing a new order.
With a market cap of Rs. 59,999 crore, shares of Suzlon Energy Ltd. opened at Rs. 43.50 on January 30 from its previous close of Rs. 43.25. The company has delivered a positive return of more than 126.66 percent in the last six months compared to more than 89.4 in the last one year. So far in 2024, it has given around 7.8 percent returns.
According to the data available on the stock exchanges, Suzlon Energy secured a new order for the supply of wind turbine generators (WTGs) for 642 MW from Evren, a joint venture in India between Brookfield and Axis Energy.
Suzlon will install 214 WTGs with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3 MW each in Andhra Pradesh. This order is for the company’s larger rated 3 MW, S144‐140m turbines from the 3 MW product series.
Suzlon will supply the wind turbines (equipment supply) and undertake installation and commissioning for the project, along with undertaking comprehensive operations and maintenance services post‐commissioning.
In terms of financials, the company’s revenue from operations grew by 5.18 percent from Rs. 1,351 crore in June 2023 quarter to Rs. 1,421 crore in September 2023 quarter, accompanied by an increase in net profit from Rs. 101 in June 2023 quarter to Rs. 102 in September 2023 quarter.
As of December 2023, FIIs hold 17.83 percent of the shares, whereas DIIs hold 6.16 percent of the shares in the company, aggregating to 23.99 percent of the institutional holdings.
Suzlon Group is one of the leading renewable energy solutions providers in the world with approximately 20.3 GW of wind energy capacity installed across 17 countries, and its manufacturing facilities are spread across 14 locations in India.
The company is the No. 1 wind energy service company in India with the largest service portfolio of over 14.3 GW in wind energy assets.
Written by Shivani Singh
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