Suzlon Announces Financial Results for Q3 FY24

Suzlon Group announced its third quarter results for the financial year 2023-24 (Q3 FY24).

February 01, 2024. By News Bureau

Suzlon Group, India’s renewable energy solutions provider, announced its third quarter results for the financial year 2023-24 (Q3 FY24).

Girish Tanti, Vice Chairman, Suzlon Group, said, “In Q3 of FY24, we concluded 2023 on a strong note. The quarter showcased impactful policies propelling India's renewable energy vision ahead.”

“At Suzlon, we've witnessed a pivotal year of foundational growth, and in Q3 of FY24, we've solidified this foundation with a robust performance and a substantial influx of new orders from our marquee customers. We deeply appreciate the trust bestowed upon us by our customers and eagerly anticipate collaborating with them to realize their green energy aspirations. The coming decade holds immense promise for renewables globally, and we are on track to strengthen all our strategic pillars to seize this opportunity from a position of strength".

JP Chalasani, Chief Executive Officer, Suzlon Group, said, “In Q3 FY24, our performance aligns seamlessly with our strategic objectives. We have seen a good in-flow of high-value orders, a testament to the quality of our offerings. During this quarter, our primary emphasis has been on the efficient execution of our order book. Our top priority is to drive operational excellence with unwavering focus towards creating substantial value for all our stakeholders.”

“Our service business continues to do well. We are concentrating our efforts towards creating a better customer experience, a stronger organization and management structure in our service business in line with expected growth of the sector.”

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, “In Q3 FY24 we have seen consistent improvement in performance across parameters with healthier margins, a net cash position and higher YoY EBIDTA. We continued our streak with another profitable quarter reporting a consolidated PAT of INR 203 crores. Another highlight of the quarter was securing non-fund based working capital lines from REC which was a critical for a faster ramp-up of our operations and improve utilization of installed capacities. Looking at the larger picture of the sector in India, I believe that we have come back to strength at the right time to enable the Company to participate in the nation’s energy transition journey with more conviction and ambition.”

Suzlon Group Q3 FY24 at a glance (consolidated): Revenue- Q3 FY24 INR 1,553 crores; Operating Performance- EBITDA: INR 248 crores in Q3 FY24; EBITDA margin at 15.9%; PAT of INR 203 crores in Q3 FY24.

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