Mumbai: Suzlon Energy reported a 95.71% increase in consolidated net profit attributable to its owners, driven by higher revenue and a robust order inflow for the quarter ending September 30, 2024 (Q2FY25).

Net profit for Q2FY25 stood at Rs 200.20 crore. Revenue from operations climbed 47.6% to Rs 2,092.99 crore for Q2FY25, compared to Rs 1,417.21 crore in the same quarter last year.

Expenses rose by 48.6% to Rs 1,919.65 crore for the quarter, up from Rs 1,291.26 crore in the previous year.

"In a relatively challenging environment due to prolonged heavy monsoons, we have been able to deliver consistent growth with robust margins and a 96 per cent Y-o-Y profit," noted Himanshu Mody, Chief Financial Officer of Suzlon Group.

The order book currently stands at 5.1 gigawatts (GW), with distribution across three main segments: Commercial & Industrial (C&I), Captive & Retail, which account for 54% or 2.7 GW; Central & State Bids at 23% or 1.2 GW; and Public Sector Undertakings (PSUs), also at 23% or 1.2 GW.

"Our core business is now on a solid foundation to capitalise on market momentum. We’ve fortified our leadership team, stabilised our new product offerings, ramped up our manufacturing capacity, enhanced our project execution capabilities, and built a robust order book,” commented Girish Tanti, Vice Chairman of Suzlon Group.

Suzlon also recently signed an agreement with NTPC Green Energy, the renewable arm of NTPC, for a 1,166 MW wind project in Gujarat, marking the largest wind energy order in India to date.

For Q2FY25, Suzlon’s EBITDA margin was recorded at 14.1%, a slight decrease from 15.9% in the same period last year. “We are making long-term investments by implementing a series of strategic measures to enhance our organisational capabilities and grow the business sustainably. This strategy will also help drive our competitiveness to enhance efficiency and profitability," added Mody.

Quarter Highlights:

Largest Wind Order: Suzlon signed India’s biggest wind energy contract for 1,166 MW with NTPC Green Energy Ltd. This involves setting up 370 wind turbines in Gujarat, each with a capacity of 3.15 MW.

Acquisition: Suzlon acquired a 76% stake in Renom Energy Services, a top provider of multi-brand operations and maintenance services with over 2,500 MW of wind, solar, and BOP assets under management.

Major Clean Energy Project: Suzlon secured a large 400 MW wind order from JSP Green Wind 1 Pvt. Ltd., supporting clean energy in heavy industry and strengthening its market leadership.

Asset Sale: The company announced the sale of its headquarters, ‘One Earth,’ for Rs 440 crores, aiming to become more asset-light and channel capital into new projects from its growing order book.

Product innovation

Company’s latest innovation, the S144—designed in India specifically for low wind conditions—has secured a firm order book of 4.7 GW. We are gearing up capacity to enhance the manufacturing efforts of this product.