Suzlon surpasses 20 GW Wind Energy Installations, stock ends 4.5% higher

Shares of Suzlon Energy closed at Rs 11.50, ending 4.55 percent higher from previous close

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Suzlon Energy, a renewable energy solutions provider, on June 5 said it has surpassed 20 GW in wind energy installations. The stock ended 4.5 percent higher at Rs 11.50.

The company said 20 GW wind energy installations were accomplished through the deployment of 12,647 wind turbines across 17 countries, spanning six continents. Suzlon holds a 33 percent share of India’s cumulative wind energy installations.

Suzlon said the 20-GW wind energy installations generate sufficient green electricity to power over 13 million Indian households. Additionally, these installations have effectively prevented approximately 51.35 million tonnes of CO2 emissions annually, highlighting the vital role of wind energy in mitigating climate change.

“Suzlon remains committed to partnering with global and local players to accelerate the global energy transition towards a carbon-neutral future while also addressing India’s energy needs,” said Girish Tanti, Vice Chairman of Suzlon Group.

The stock has been trading near its 52-week high levels after the company reported strong financial performance for the quarter ended March 2023.

During the quarter, the wind energy solutions provider achieved a consolidated net profit of Rs 320 crore, benefiting from reduced expenses. This marks a significant improvement compared to the consolidated net loss of Rs 193 crore reported in the same period last year. For the fiscal year 2022-2023, Suzlon recorded a consolidated net profit of Rs 2,877 crore, as opposed to a net loss of Rs 166 crore in the previous fiscal year.

While the total income from operations decreased to Rs 1,699.96 crore in Q4 from Rs 2,478.73 crore a year ago, total expenses also declined to Rs 1,628.39 crore in the March 2023 quarter from Rs 2,511.70 crore in the corresponding period of the previous year.

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