Suzlon Energy Shares Soar 5%, Hit Upper Circuit at Rs 57.82, Reaching New 52-Week Highs with Market Cap Over Rs 78,000 Crore.
Shares of Suzlon Energy surged on Tuesday, reaching the upper circuit limit and a new 52-week high following the company’s robust Q1 FY25 results. Announced post-market hours on Monday, Suzlon reported a net profit of Rs 302 crore for the quarter ended June 30, 2024, a more than threefold increase from Rs 101 crore in the same quarter last year.
The renewable energy provider’s revenue from operations rose by 50% year-on-year to Rs 2,016 crore, compared to Rs 1,348 crore in the corresponding period of the previous financial year. EBITDA for Q1FY25 climbed 86% to Rs 370 crore, up from Rs 199 crore in Q1FY24, with EBITDA margins improving to 18.4% from 14.8%.
The company’s balance sheet remains strong with a net cash position of around Rs 120 crore. Following these results, Suzlon Energy’s shares jumped 5%, hitting the upper circuit limit at Rs 57.82 per share, and achieving a market capitalization of over Rs 78,000 crore. The stock had closed at Rs 55.07 on Monday.
Morgan Stanley reiterated its ‘overweight’ rating on Suzlon Energy, raising the target price to Rs 58.5 per share. The firm highlighted that Suzlon exceeded delivery expectations, reaching 274 MW against an estimated 250 MW.
Key milestones for Suzlon in the April-June quarter included the highest Q1 deliveries in seven years at 274 MW and the highest quarterly EBITDA in seven years. The company also reported its largest-ever order book of 3.8 GW since its inception.
Suzlon Energy, headquartered in Pune, is a leading global renewable energy solutions provider with 20.8 GW of wind energy capacity installed across 17 countries and in-house R&D centers in Germany, the Netherlands, Denmark, and India.
