Suzlon Energy share price surged nearly 10% on Wednesday’s session and was trading around its 52-week high level following overall positive Q4FY23 numbers. Suzlon Energy shares opened at ₹10.92 on the BSE and touched an intraday high of ₹11.80 and a low of ₹10.64.
Suzlon, a provider of renewable energy solutions, reported a consolidated net profit of ₹319.99 crore for the March 2023 quarter on Tuesday. The company attributed the good result to lower expenses over the period.
According to a BSE filing, the company posted a consolidatednet loss of ₹205.52 crore in the quarter ended March 31, 2022.
The company’s revenue for fiscal year 2023 was ₹5,947 crore, with ₹1,690 crore generated in just the fourth quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the fiscal year totaled ₹832 crore, yielding a 14.0% EBITDA margin. Suzlon made a profit of ₹233 crore in the fourth quarter, with an EBITDA margin of 13.8%.
“As evident from these results, we closed FY23 with a strong financial performance and the successful launch of our powerful 3 MW technology platform,” stated Girish Tanti, Vice Chairman of Suzlon Group.
Suzlon Group CEO JP Chalasani stated that FY23 was a year of demonstration and consolidation for the company. We have tackled our difficulties completely over the last three years, and the benefits were visible to all.
“The company reduced its net debt by more than 90% over the last three years to address our capital structure issues, while responding to the market requirement of a larger wind turbine through our S144 – 3 MW series technology platform, “he stated.
As per trendlyne data, the stock price rose 40.9% and underperformed its sector by 14.5% in the past year. On Wednesday’s session, the stock was trading at high volume of 344.9 million with price gain of 9.39.
According to Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One, the stock has been in buzz since last two weeks for a strong up move and following the results, we are seeing further positive traction in today’s session with prices almost up 10% today, expect this up move to continue with 12.5 – 13 as next resistance, and 10.50 is immediate support.
