Heavy Electrical Equipment company Suzlon Energy announced Q2FY24 results:
- A net debt-free balance sheet following the successful completion of the Qualified Institutional Placement (QIP).
- Total revenue of Rs 1,417 crore during the quarter.
- EBITDA (pre-Forex) amounted to Rs 224 crore in Q2FY24, with an EBITDA margin (pre-Forex) of 15.8%. This represents a year-on-year (Y-o-Y) EBITDA (pre-Forex) growth of 7.8%.
- Profit After Tax (PAT) before exceptional items reached Rs 137 crore in Q2FY24.
Girish Tanti, Vice Chairman, Suzlon Group, said, “During the quarter we have further seen policies that strengthen the sector to drive India’s green transition like the concrete guidelines for tariff based competitive bidding, announcement of the National Framework for promoting Energy Storage Systems, the Green Hydrogen standards, and the strategy for establishing Offshore Wind Energy Projects. These policies address varied pillar of the industry to catalyse India’s holistic energy transition. Encouragingly, the leading renewable energy states of the country; Gujarat, Maharashtra, Rajasthan and Telangana have followed?up with proactive strides in their own renewable energy policies towards their states’ energy transition journeys. Recently, Gujarat also announced their long?term renewable energy policy 2023 which is a comprehensive policy addressing various aspects to drive the growth of renewable energy in the state like captive consumption, C&I investments as well as MSME and domestic industry participation in renewables.”
JP Chalasani, Chief Executive Officer, Suzlon Group, said, “We have closed another satisfying quarter in line with our business plan for FY24. Our performance in Q2 FY24 has been consistent and heartening. As the market picks up momentum, we have continued to show solid improvement across our value chain. The highlight for us in the last few months has been the installation of the first prototype of our S144 – 3 MW turbine at 160mts hub height in Gujarat. This development is aligned to our plans for commercialization of this product series.”