Suzlon announces Q1 FY22 Results

Suzlon Group, India's largest renewable energy solutions provider, announced its first quarter results for the financial year 2021-22 (Q1 FY22).

- Revenue of Rs.1,135.02 crores in Q1 FY22

- EBITDA of Rs.154.07 crores in Q1 FY22 and EBITDA margin of 13.57%

Ashwani Kumar, Chief Executive Officer, Suzlon Group, said, "India has announced completion of 100 GW of renewable energy installations in the country. I am extremely proud of this milestone and Suzlon's contribution to it as the largest original equipment manufacturer across the renewable energy sector in the country. We have been dedicated towards nation building for over 26 years and are committed to powering India's renewable energy future ahead."

"In line with our recent announcements, I would like to welcome Himanshu Mody on-board as the Chief Financial Officer of the Suzlon Group. Himanshu has an impressive track record with significant experience in the infrastructure sector and enjoys the good-will of the industry. I am confident that Himanshu will add great value to our journey towards building a sustainable and stronger Suzlon in years to come."

"The Q1 of FY22 was impacted by the second wave of the Covid-19 pandemic, making it difficult to ramp up execution. Rising global demand has disrupted the supply chain impacting availability and prices across the value chain. Steep increase in steel prices by nearly 73.8 % in a year has adversely impacted our margins. Despite that, we are keeping our operations on track and continuing to build on the foundation that we created in FY21. We have maintained our quarter on quarter (QoQ) performance and we continue to keep a strict control on costs. Even in difficult times our order book stands at a healthy 978.2 MW. Overcoming the challenges of Covid-19, our Operations and Maintenance Service (OMS) business continued to deliver good turbine performance."

Suzlon also announced that in continuation to its announcement of 7th February 2019, it has finalised an additional order of 226.80 MW from Adani Green Energy. The said order would be for the same model of the product (Wind Turbine Generators) and at the same site in Gujarat. The commissioning of the same will be done in phases in CY 2022.

Suzlon Group Q1 FY22 at a glance (consolidated):

Revenue

- Q1 FY22 Rs. 1,135.02 crores

Operating Performance

- EBITDA : Rs. 154.07 crores in Q1 FY22; EBITDA margin at 13.57%

- EBIT : Rs. 96.15 crores in Q1 FY22

- Reported Net Loss (before exceptional items) of Rs. 79.48 crores in Q1 FY22

Shares of SUZLON ENERGY LTD. was last trading in BSE at Rs. 6.51 as compared to the previous close of Rs. 6.56. The total number of shares traded during the day was 8649686 in over 6476 trades.

The stock hit an intraday high of Rs. 6.64 and intraday low of 6.31. The net turnover during the day was Rs. 56046097.

Source : Equity Bulls

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