Shares of this large-cap company surged around 7 percent in Friday’s trading session after bagging a 100.8 MW wind power project in Gujarat. The shares have delivered a multibagger return of 255 percent to its shareholders on a YTD basis.
With a market capitalization of Rs. 51,280 crores, the shares of Suzlon Energy Ltd started Friday’s trading session on a flatter note at Rs. 37.70 compared to its previous close of Rs. 37.35. During trading hours, the share hit a high of Rs. 38.50, gaining around 7 percent compared to today’s low and is currently trading at Rs. 38.20 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing mentioned that they had won a new order for the development of a 100.8 MW wind power project for a leading global utility company in Gujarat. They will install 32 wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each.
Furthermore, the company will execute the project with a scope of supply, supervision, and commissioning. Additionally, they will also undertake post-commissioning operation and maintenance services.
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. 1,348 crores during the June quarter to Rs. 1,348 crores in the September quarter. In addition, the net profits marginally increased from Rs. 101 crores to Rs. 102 crores during the same period.
As of September 30, 2023, the company has a well-diversified and healthy order book of 1,613 MW. The company is planning to acquire wind projects from other manufacturers and 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, Europe, Africa, and America.
Written By Vaibhav Patil
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