Suzlon posts Rs 320 cr net Q4 profit, total income falls to Rs 1,699 cr

Renewable energy solution provider Suzlon on Tuesday posted a consolidated net profit of Rs 319.99 crore for the March 2023 quarter, mainly due to lower expenses.

The company reported a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022, a BSE filing showed.

Its total income from operation dipped to Rs 1,699.96 crore in the quarter from Rs 2,478.73 crore a year ago.

The total expenses of the company also declined to Rs 1,628.39 crore in the quarter from Rs 2,511.70 crore.

It has also posted a consolidated net profit of Rs 2,887.29 crore for the full fiscal 2022-23. It had reported a net loss of Rs 176.55 crore in 2021-22.

The company's total income in the fiscal also dipped to Rs 5,990.16 crore from Rs 6,603.97 crore in 2021-22.

Girish Tanti, Vice Chairman, Suzlon Group, said, "As evident from these results, we have closed FY23 with a strong financial performance and the successful launch of our powerful 3 MW technology platform".

JP Chalasani, Chief Executive Officer, Suzlon Group said, "FY23 has been a year of demonstration and consolidation for Suzlon. We have addressed our challenges comprehensively over the last three years and FY23 was a year where the results were there for all to see".

The company reduced its net debt by more than 90 per cent over the last three years to address our capital structure issues, while responding to the market requirement of a larger wind turbine through our S144 3 MW series technology platform, he stated.

Today, the company has cumulative orders of 1,542 MW which is the highest since 2019 and includes the order book as on March 31, 2023, of 652 MW plus orders secured subsequently of 890 MW.

Out of this 780 MW is for the new 3 MW series demonstrating the immense trust that our customers have in Suzlon's expertise and product technology, Chalasani stated.

"We have worked tirelessly and successfully to strengthen every aspect of the company in line with the vision defined by our late CMD Shri Tulsi Tanti, setting up the company strongly to leverage the tailwinds of the sector from a position of strength," he said.