Suzlon Energy, a prominent player in the renewable energy sector, disclosed its fiscal fourth-quarter results on Friday, highlighting a noteworthy drop in profit despite an upsurge in revenue. The company reported a profit of Rs 254.12 crore for Q4FY24, marking a decline of 20.6% compared to the same period last fiscal year when it recorded a profit of Rs 319.99 crore.
However, amidst the profit decrease, Suzlon Energy witnessed a substantial increase in its revenue from operations, which surged by 29% to Rs 2179.20 crore during the fourth quarter of FY24, compared to Rs 1689.91 crore in Q4FY23. The company’s EBITDA also showed promising growth, standing at Rs 357.2 crore, reflecting a significant 54% rise year-on-year.
Despite these figures, the total income for Q4FY24 was reported at Rs 2207.43 crore, while total expenses incurred by the company during the same period stood at Rs 1927.49 crore. Additionally, Suzlon Energy proudly announced its largest-ever order book, amounting to 3.3 GW, indicating a strong demand for its services in the renewable energy market.
For the full fiscal year, Suzlon Energy’s revenue stood at Rs 6497 crore, with a reported profit of Rs 714 crore. Girish Tanti, Vice Chairman of Suzlon Group, expressed optimism about the company’s future prospects, stating, “We have been able to create a solid foundation over the last FY across all business verticals… This positions the company strongly to lead the sector in years to come.”
Despite the profit drop in Q4, Suzlon Energy remains optimistic about its trajectory, emphasizing its commitment to timely execution of its order book and its focus on developing a resilient and scalable supply chain to support its growth journey.
Himanshu Mody, the Chief Financial Officer of Suzlon Group, highlighted the financial performance of FY24, emphasizing a sound balance sheet and notable achievements in profit and EBITDA. He remarked, “FY24 has been a year of sound financial performance across all parameters… We continue to maintain a cost-conscious approach even while factoring in our growth plans.”
