Suzlon net profit at Rs 320 crore

Renewable energy solutions provider, Suzlon Energy reported a consolidated net profit of `320 crore during the March 2023 quarter. The company posted a loss of Rs 203 crore in the March ’22 quarter. Suzlon reported a 30% year-on-year (y-o-y) fall in revenues to Rs 1,690 crore. A 35% y-o-y decline in expenses to Rs 1,628.39 helped the company post profits during the quarter.

Himanshu Mody, CFP, Suzlon Group, said, their balance sheet was stronger and leaner as a result of net debt reduction to Rs 1,180 crores with the successful rights issue in FY23 playing a crucial role. The net debt in the Marc ’22 quarter was Rs 5,796 crore. Net finance costs reduced 44% on y-o-y basis. “Our consolidated FY23 PAT before exceptional items of Rs 167 crore is the highest reported by the company in six years and we turned net worth positive after a decade,” Mody said.

Suzlon hadcumulative ordersof 1,542 MW which was the highest since 2019. The order book as on March 31, 2023, was 652 MWplus orders secured subsequently of 890 MW.The uptick in order books with the rolling out of the 3MW WTG series provides revenue visibility, the company said.