Suzlon Q3 Results: Net profit rises 160% as finance costs dip, revenue up 7%

Earnings Before Interest, Tax, Depreciation and Amortisation or EBITDA for the quarter stood at ₹247.6 crore, a growth of 17.7% compared to the same period last year. EBITDA margin expanded by 140 basis points from last year to 15.9% from 14.5%.

Among Suzlon's business segments, while Wind Turbine Generator and Operations and Maintenance Services businesses saw growth in revenue compared to last year, the Foundry & Forgings business saw a decline.

CEO JP Chalasani said that the company has seen a good inflow of high value orders during the quarter. "Our services business continues to do well. We are concentrating our efforts towards creating a better experience, a stronger organisation and management structure in our services business, in-line with expected growth of the sector," he said.

Another highlight for the quarter was Suzlon securing a non-fund based working capital lines from REC, which was critical for a faster ramp-up of operations and improved utilisation of installed capacities, said CFO Himanshu Mody.

Suzlon currently has a global installed Wind Energy capacity of 20.5 GW with a cumulative market share of nearly 32%. The installed capacity includes the 14.5 GW installed capacity in India. The company's current orderbook for the S144 series is around 2,400 MW.

Cumulative order book is at 3,157 MW for Suzlon. This, along with the pipeline under discussion, brings strong revenue visibility, it said in an investor presentation.

ACC, Adani Renewables, Aditya Birla Group, GAIL, BlackRock, ITC, Reliance Industries feature among the company's key clients.

Suzlon's current net cash position stands at ₹719 crore at the end of the December quarter, compared to a net debt of ₹1,180 crore at the end of March 2023.

Shares of Suzlon are currently trading 4% higher at ₹45.50. The stock is up 20% in the month of January.