Suzlon Energy shares extend gains for 7th straight day, rising 5% to hit a 52-week high

Suzlon Energy shares soared 5% to hit a fresh 52-week high of ₹68.22 per share on the NSE on Tuesday, marking the third day of trading at year-high levels.

Trading volume was also higher, with 11.07 crore shares changing hands on the NSE.

Suzlon Energy shares have been on the rise since July 22, when the renewable solutions provider announced its financial results for the April-June quarter. Since then, the stock has rallied 25% in seven straight days. The stock is trading at around 14-year high levels.

Suzlon Energy shares have returned 77% in 2024 so far, while in the past year, the stock has produced multi-bagger returns of 260%.

Suzlon Energy reported a 200% jump in net profit for the first quarter to ₹ 302 crore compared to the year-ago period, driven by a healthy order book and increased deliveries.

The company reported a 50% jump in revenue to ₹2,016 crore in the June quarter compared to ₹1,348 crore in the year-ago period.

Experts said that Suzlon Energy's growth has been driven by gradual higher execution momentum, a healthy order book and order pipeline, and a strengthened balance sheet.

Suzlon Energy reported its largest-ever order book of 3.8 GW as of June 30, 2024, which the company stated would give it “great visibility for the future”.

Total deliveries in the first quarter at 274 MW were also the highest Q1 deliveries in seven years.

The company also reported its highest quarterly EBITDA in seven years, at ₹370 crore, while its net cash position was ₹ 1,197 crore as of June 30, 2024.