Suzlon Energy hits 52-week high on winning wind power project

The company is expected to install 15 units of their S120 – 140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 megawatt each in Maharashtra and Karnataka

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Suzlon Energy shares jumped to a 52-week high of Rs 22.85 on August 24 afternoon after the company announced winning an order from Integrum Energy Infrastructure for a 31.5 megawatt wind power project.

The renewable energy company is expected to install 15 units of its S120 – 140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 megawatt each in Maharashtra and Karnataka.

“A project of this size can provide electricity to nearly 20 thousand households and curb approximately 0.81 lakh tonnes of CO2 emissions per year. Electricity generated from the project will be used for captive consumption. The project is expected to be commissioned by May, 2024,” CEO JP Chalasani said.

At 12.10 pm, Suzlon Energy  was quoting at Rs 22.55 on NSE, up 3.20 percent from the previous close. The stock has gained 110.75 percent this year.

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In Q1FY24, the company reported a 2.17 percent year-on-year (YoY) decline in its revenue from operations at Rs 1,351 crore. Net profit for the quarter dropped 95.84 percent YoY to Rs 101 crore due to base effect resulting out of an exceptional item of Rs 2504.17 crore.

The operating profit margin contracted by 100 basis points on year to 15 percent.

Suzlon Energy specialises in wind power solutions. It manufactures and installs wind turbines for both domestic and international markets.

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