Last Updated on February 1, 2024 by ethinos
On January 31, 2024, Suzlon Energy Limited (BSE, NSE: SUZLON) announced its Q3 2023-24 results, reporting a surge in Q3 Net Profit on a YoY basis, with PAT being clocked at a high of ₹203 Cr.
Table of Content
Suzlon Energy Main Financial Result Takeaways
Reporting growth in many aspects of the business, India’s top Renewable Energy business topped its third quarter of FY24 with impressive results as the Company has reported in its results:
- The Company has displayed consistent Operating Performance across all its business segments.
- The Company’s Net Cash position of ₹~719 Cr at the end of Q3 FY24 vis-à-vis Net Debt of ₹ ~1,180 Cr at the close of FY23 shows success in the Company’s financial strength.
- The Company has witnessed a higher EBITDA on a YoY basis on the back of stronger margins.
- There has been a substantial decrease in quarterly Net Finance costs by ~94% on a YoY basis.
- The Company’s PAT (before exceptional items) for 9M FY24 of ₹433 Cr versus 9M FY23 PAT of ₹98 Cr marks a quarterly profit on a YoY growth basis of 4.4 times.
- The Company had a Revenue of ₹1,553 Cr in Q3 FY24.
- The Company reported an EBITDA of ₹248 Cr in Q3 FY24 and an EBITDA margin of 15.9%.
- The Company’s PAT of ₹203 Cr in Q3 FY24 displays a YoY growth of 2.6 times.
Additional Read: Q3 Results Dashboard
Q3 FY24 Key Business Success
The Company has attributed growth in the quarter to different business achievements:
- The Company has recorded a stronger balance sheet and solid performance positions, enabling it to meaningfully participate in the ongoing energy transition.
- There has been substantial enhancement across all the financial parameters of the Company this quarter.
- The WTG Division is well-positioned to capture the opportunity in the wind sector with a robust order book.
- The OMS India Division proves to be a stable and strong business model.
- The Foundry & Forging Division is well-poised to gain from the market opportunity of the rising demand for wind power.
The Management’s Take on Q3 Results
The top management of Suzlon Energy Limited had some key aspects of Q3 results to share and these are highlighted below:
- In Q3 FY24, the Company’s performance aligns with its strategic aims.
- There has been a solid in-flow of orders in the quarter, ensuring the growth ahead.
- The Company’s top priority has been to drive operational proficiency for all stakeholders of the Company.
- The service side of the Company’s business is showing good prospects with concerted efforts by the Company to improve customer experience.
- Suzlon Energy is aligning its growth to meet the demands of growth in the Renewable Energy Sector.
- As the Company witnessed consistent improvement in performance across all its parameters with healthier margins, a net cash position, and higher YoY EBIDTA, it continues its streak with yet another profitable quarter.
- A significant highlight of the quarter was securing non-fund-based working capital lines from REC, critical for a more rapid ramp‐up of operations and the improvement of utilization of installed capacities.
Financial Results at a Glance
Here is a glimpse of the Consolidated financial results of Q3 (figures in ₹ Cr as reported by the Company, except where specified otherwise):
| Metrics | Q3 FY 2023-24 | Q3 FY 2022-23 |
| Net Revenue | 1,553 | 1,449 |
| EBITDA Margin | 15.9% | 14.7% |
| Net Profit After Tax | 203 | 78 |
Additional Check: Suzlon Energy Share Price
Q3 FY24 Result Summary
The Suzlon Group is a top renewable energy solutions company and is a global player in its sector and industry. Powered with ~20.5 GW of wind energy capacity built in 17 countries, the Company has its headquarters in Pune, India. The Company and its subsidiaries operate a vertically integrated business model with in-house units dedicated to R&D. Such units are spread over Germany, the Netherlands, India, and Denmark. The Company boasts world-class manufacturing centres in India and has more than 28 years of expertise in its field. With more than a 6,300-strong workforce, the Company is India’s leader in wind energy service possessing the largest portfolio of service of more than 14.5 GW in
wind energy assets. The Group owns ~6 GW of installed energy capacity outside Indian shores. Suzlon Energy offers a comprehensive product portfolio driven by the 2 MW and 3 MW series of wind turbines.
In Q3 FY24, the Company has a strong Cumulative Order Book of 3,157 MW, and the pipeline in the discussion phase brings the Company healthy revenue visibility for the upcoming quarters. Additionally, with requisite certifications and RLMM listing in place, the Company is set to expand on its current position. Other positives of Q3 include an enthusiastic response from customers, an S144 order book of around 2,400 MW, and a production ramp-up and supply begun, aligned with the Company’s plans for commercialisation.
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Source: Suzlon Energy Ltd. Press Release on BSE
