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Suzlon's Landmark Orders Highlight India's Wind Energy Boom

India's wind energy sector has seen a quantum leap. FY'24 marked the highest wind installation since FY'17, totaling 3.3 GW.

June 01, 2024. By Abha Rustagi

Suzlon Energy Ltd. has reported its highest-ever order book. This reflects a surge in India's wind energy installations. The company's order book now stands at 3.3 GW. This showcases a strong pipeline and robust revenue visibility for the future.

"FY'24 has been a remarkable year with standout performance across financial and operational parameters," said J.P. Chalasani, Group CEO of Suzlon Energy during the Q4 FY’24 Earnings Conference Call. He highlighted that the order book as of March 31, 2024, included 2.9 GW of orders. An additional 402 MW was announced in May.

India's wind energy sector has seen a quantum leap. FY'24 marked the highest wind installation since FY'17, totaling 3.3 GW. This landmark cements India's position as the fourth-largest country globally in terms of total wind installations. There are 46 GW of installed onshore wind capacity as of March 2024.

Suzlon's own installations registered 75 percent year-on-year growth. They reached 882 MW in FY'24. This growth highlights the critical role wind energy plays in India's renewable energy transition. "In the current scenario wind plays crucial role in energy transition as the growth of Indian renewable depends upon wind installations" Chalasani emphasized.

The company's strong performance is also reflected in its financial results. Himanshu Mody, Group CFO reported that Suzlon delivered 710 MW in FY'24. This marked a 7 percent increase from FY'23. Coupled with cost optimizations and debt repayment, this resulted in EBITDA growth of 24 percent. There was also a 428 percent increase in PAT before exceptional items compared to the previous year.

Suzlon's strategic efforts to improve its balance sheet and operational efficiency have paid off. The company's consolidated net worth as of March 2024 stands at INR 3920 crores. It has a net cash position of INR 1,148 crores. "I would like to reiterate that Suzlon has never been on such strong footing as it is today" Mody noted.

Looking ahead Suzlon is well-positioned to capitalize on growing opportunities in the wind energy sector. The company continues to focus on enhancing its operational capabilities It is also securing quality orders. This effort aims to maintain its leadership position in the market.

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