Suzlon Energy records 96% decline in net profit to Rs 101 crore in Q1

Suzlon Energy registered a 96 per cent decline in consolidated net profit at Rs 101 crore in the April-June quarter.

The company had registered a consolidated net profit of Rs 2,433 crore in the year-ago quarter, an investors' presentation showed.

The company's net revenue in the first quarter of this fiscal also came down to Rs 1,348 crore from Rs 1,378 crore in the year-ago period.

Girish Tanti, vice-chairman, Suzlon Group, said in a statement, "With the country poised to lead decarbonisation of its economy, we are seeing renewed enthusiasm from India Inc. to drive this green energy transition."

J P Chalasani, chief executive officer, Suzlon Group, said in the statement, "At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt, our focus is now on ramping up our operations to service our cumulative orders, which stand at a healthy 1,582 MW as on date."

Himanshu Mody, chief financial officer, Suzlon Group, said in the statement, "Q1 of FY24 takes forward our consistent efforts to consolidate and stabilise our performance over the last few quarters. Q1 FY24 shows YoY (year-on-year) growth and an improvement in overall profitability with a steady performance on all our key parameters."

After a sustained effort to reduce debt in 2022-23, which has resulted in a healthier and sustainable balance sheet for the company, our focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders, he said.

"We continue to maintain strict control on costs and are in the process of further optimising our organisational structure to drive excellence and continual improvement on the strong foundation set with over the last three years," he added.