Shares of this mid-cap stock jumped around 3 percent after bagging a 100.8 MW wind power project. In the last one-month period, the scrip has gained over 25 percent from Rs 14.55 to the current price level.
With a market capitalization of Rs 22,335 crores, the stocks of Suzlon Energy Limited closed today at Rs 18.20 indicating a gain of 3 percent compared to the previous closing levels of Rs 17.70 apiece.
Since the end of March 2023, the company’s stock has been successful in delivering multibagger returns of 160 percent to its stakeholders. It means if someone would have invested Rs 1 Lakh into the stock, it would have converted to Rs 2.60 Lakhs within the above-mentioned period.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company announced that it has secured an order for the development of a 100.8 MW Wind Power project for ‘Everrenew Energy Private Limited’.
The company will install 48 wind turbine generators of 2.1 MW each in Trichy, Tamil Nadu. The same is expected to be commissioned in March’24.
Such a project could provide electricity to around 65,000 households and curb approximately 2.60 lakh tonnes of CO2 emissions per year.
The company, on a QoQ basis, has witnessed an increase in operating revenues as well as net profits. The operating revenues shifted from Rs 1,458 crores during Q3FY22-23 to Rs 1,694 crores during Q4FY22-23. The net profit figures, during the same time period, took a shift from Rs 78 crores to Rs 319 crores indicating an increase of nearly 310 percent.
Suzlon Energy Limited is involved in the provision of Renewable Energy solutions. Its product portfolio includes wind turbine generators and other related components. The sale of solar systems, wind turbines, and other parts forms a major part of the company’s revenue. It generates income from domestic as well as international operations.
Written by Amit Madnani
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