Suzlon Energy posts Q2 net profit at Rs56 crore on higher revenues

In the year-ago period, it incurred a net loss of ₹12.40 crore, , the company said in a filing on BSE.

Also, the total income of the company rose to ₹1,442.58 crore in the quarter from ₹1,361.62 crore in the same period a year ago.

Girish Tanti, Vice Chairman, Suzlon Group, said, “India has recorded an installation of 164.9GW of renewable energy as on 30 September 2022, reflecting a healthy recovery of the sector despite the disruptions of the pandemic and the disastrous impact of the global geo-political situations on the supply chain and commodity prices. The environment of positive policy initiatives continues, and we believe that given the commitment and will of the Indian government, the country could very well achieve 500GW of renewable energy installations by 2030.“

Ashwani Kumar, Chief Executive Officer, Suzlon Group, said, “We have closed a very satisfying Q2 despite various challenges. While we continue to show improvement in our performance, the highlight for us has been the order intake in recent months. The confidence that our customers have reposed in us has always been our driving force.“

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, “At the outset I would like to thank all our shareholders for showing tremendous faith in Suzlon as demonstrated through our recently closed rights issue which was oversubscribed by 1.8x. This show of confidence has reinforced our commitment towards creating more value for our stakeholders.”

“The Q2 of FY23 has seen us register consistent improvement resulting in a PAT positive quarter. We have seen a healthy YoY increase on all our key parameters of revenues, RR, EBITDA and PAT. We can also see the full impact of our consistent efforts to reduce debt on our decreasing finance costs further strengthening our balance sheet. In addition to our net debt position as on 30th September 2022 which stood at ₹ 2,722 crores, we have subsequently reduced our debt by ₹ 583.50 crores through the rights issue proceeds.”

Suzlon is one of the leading global renewable energy solution providers. Over the past two decades, Suzlon has installed over 19.4 GW of wind energy in 17 countries across six continents.