Suzlon share price jumped by 5% on Tuesday morning, reaching a new 52-week high of ₹57.83.
Suzlon reported a 200% rise in net profit from ₹101 crore to ₹302.29 crore during the quarter. Operating revenue increased by 49% to ₹2,015 crore from ₹1,347 crore. EBITDA increased 86% annually to ₹370 crore, with an 18.4% EBITDA margin. In May 2024, the company’s order book increased from 3.3 gigawatts to 3.8 gigawatts.
In response to the results, Morgan Stanley maintained Suzlon Energy at a “overweight” rating with a ₹58.5 price target.
The brokerage said that earnings for the June quarter exceeded expectations, with deliveries of 274 megawatts. The WTG segment contribution margin was 22.4%. According to experts, the company’s balance sheet remains robust.
As of 11:02 am, Suzlon shares were trading 4.83% higher at ₹57.74.
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