Suzlon falls further 2% on profit booking after steep surge post stellar Q4 numbers

Shares of Suzlon Energy continued to see profit taking on June 2. The stock had seen a steep surge on May 31 due to strong Q4 numbers but that was followed by a sharp drop the following day. The stock tripped over 2 percent to Rs 10.88 as of 12.25 pm on BSE and had fallen nearly 5 percent on June 1. The stock has delivered 34 percent return in the last three months.

The renewable energy solution provider posted a consolidated net profit of Rs 319.99 crore for the March 2023 quarter, mainly due to lower expenses. This came against a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022, a BSE filing showed.

The financials

Its total income from operations dipped to Rs 1,699.96 crore in the quarter from Rs 2,478.73 crore a year ago. The total expenses of the company also declined to Rs 1,628.39 crore in the quarter from Rs 2,511.70 crore.

After the earnings announcement, Girish Tanti, Vice Chairman, Suzlon Group, said, “As evident from these results, we have closed FY23 with a strong financial performance and the successful launch of our powerful 3 MW technology platform”.

JP Chalasani, Chief Executive Officer, Suzlon Group said, added that the company had addressed challenges comprehensively over the last three years and FY23 was a year where the results were there for all to see.

The company is thinly tracked by analysts.