The large-cap stock gained 3.7 percent to Rs 42 on Thursday which is 52 weeks high after the company successfully commercialized the product.
Suzlon Group, India’s largest renewable energy provider, announced the Revised List of Models & Manufacturers (RLMM) for their 3 MW series of wind turbines. Approved by the Ministry of New and Renewable Energy, this is a significant milestone for the product’s commercialization.
Suzlon Energy Ltd has already installed the first prototype of this series at a hub height of 160 meters using a Hybrid Lattice Tubular (HLT) tower at the Gondal site in Gujarat. The product is currently undergoing serial manufacturing and commercialization processes.
The company has reported that net revenue decreased by 0.9 percent year on year from Rs 1,430 crores in Q2FY23 to Rs 1,417 crores in Q2FY24. On a quarter-on-quarter basis, their revenue increased 5 percent from Rs 1,347 crore in Q1FY24 to current levels.
In addition, net profit rose 81 percent year on year, from Rs 56 crores in Q2FY23 to Rs 102 crores in Q2FY24. On a sequential basis, their net profit rose by 2 percent from Rs 100 crores in Q1FY24 to current levels.
Suzlon Energy Ltd is a large-cap company with a Market capitalization of Rs 55,131 crores. It also has turned its negative net profit margin to a positive of 48 percent. The company’s price-to-earnings ratio of 98 is less compared to its peers.
The company’s promoters hold a 13 percent stake in the company, with 10 percent owned by foreign institutional investors, 66 percent owned by the general public, and 11 percent owned by domestic institutional investors.
The share price of Suzlon Energy Ltd has increased by 412 percent in the last six months and by 292 percent year to date. For instance, if you invested Rs 1 lakh six months ago, the current value would be Rs 5.12 lakhs.
Suzlon Energy Limited is a multinational Indian wind turbine manufacturer based in Pune, India. It was previously ranked as the world’s fifth-largest supplier of wind turbines by MAKE.
Written by Sriram KV
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