Suzlon Energy shares fall 5% as Q4 net profit slides

Shares of Suzlon Energy declined by nearly 5% on Friday, May 24, after the renewable energy solutions provider posted a decline in its net profit for the fourth quarter of financial year 2023-24 (Q4FY24).

The Mumbai-headquartered firm posted a consolidated net profit of ₹254 crore in the quarter ended March 2024, which is lower by 8.6% as compared to a net profit of ₹278 crore clocked in the year-ago period.

After the results were declared at around 3 pm, the shares of Suzlon Energy nosedived at the bourses. The scrip was valued at ₹45.9 apiece on the National Stock Exchange (NSE), down 4.97% as against the previous day’s close.

Suzlon Energy’s Q4 revenue climbs

Despite the slip in net profit, Suzlon Energy’s revenue from operations during the fourth quarter climbed 54% year-on-year (YoY) to ₹2,196 crore in Q4FY24.

In the year-ago quarter, the company had reported a revenue from operations of ₹1,694 crore.

The earnings before interest, taxes, depreciation and amortisation (EBITDA) came in ₹357.2 crore during the quarter under review, up 54% as against ₹232.6 crore in Q4FY23. The margin increased by 260 basis points to 16.3% in the March 2024 quarter from 13.7% in the March 2023 quarter.

The results of Suzlon were tracked by analysts as the company’s stock has emerged as a multibagger. In the past one year, the shares have surged by a massive 356%. In 2024 so far, the growth has been of 19.2%.