Suzlon announces Q3 FY22 Results

Suzlon Group, India's largest renewable energy solutions provider, announced its third quarter results for the financial year 2021-22 (Q3 FY22).

Suzlon Group Q3 FY22 at a glance (consolidated):

- Revenue: Rs. 1,597 crores in Q3 FY22

Operating Performance
- EBITDA: Rs. 286 crores in Q3 FY22; EBITDA margin at 17.9%
- EBIT : Rs. 223 crores in Q3 FY22

- Reported Net profit : Rs. 38 crores in Q3 FY22

Ashwani Kumar, Chief Executive Officer, Suzlon Group, said, "We are happy with the manner in which our operations gained momentum in Q3 keeping us on track with our business plan for the year. Unfortunately, the COVID-19 pandemic is surging across the world again in Q4 FY22 with alarmingly high numbers in India as well. This poses renewed challenges for us going ahead on business delivery towards the end of the financial year."

"While the Indian wind energy industry continues to face several issues, not allowing the sector to unlock its full potential, the Q3 of FY 22 saw some good policies for the wind energy sector. Most of these were around ISTS, Renewable Energy bundling and a few State level wind energy policies, making it a well-rounded environment going forward."

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, "Q3 of FY22 saw us sustaining pace in our manufacturing and projects operations. However, with the current uncertainty, availability and prices of raw materials and components remain a challenge, eroding our margins and volumes. An exponential rise in logistics costs and the increase in GST from 5% to 12% has further increased project costs. We have maintained our quarter on quarter (QoQ) performance with a revenue of Rs. 1,597 crores while keeping a strict control on costs. Our Operations and Maintenance Service (OMS) business continued to deliver good turbine performance in Q3 leveraging digitization and digitalization to navigate the uncertainties of the pandemic."

Shares of Suzlon Energy Limited was last trading in BSE at Rs. 11.38 as compared to the previous close of Rs. 11.57. The total number of shares traded during the day was 22161884 in over 37078 trades.

The stock hit an intraday high of Rs. 12.01 and intraday low of 11.31. The net turnover during the day was Rs. 256490632.00.

Source : Equity Bulls

Keywords

SuzlonEnergy INE040H01021 Q3FY22 ResultUpdate