Business News | Suzlon Posts Net Profit at Rs 320 Cr in March Quarter

Pune (Maharashtra) [India], May 31 (ANI): Renewable energy solution provider Suzlon has posted a net profit of Rs 319.99 crore for the quarter ended March 31, 2023, driven by lower expenses.

The Pune-headquartered firm had incurred Rs 205.52-crore loss in the year-ago period, according to a statement shared with exchanges.

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Total income from operation declined to Rs 1,699.96 crore in the quarter under review, against Rs 2,478.73 crore in the corresponding period the previous year. Total expenses of Suzlon also dropped to Rs 1,628.39 crore in the quarter from Rs 2,511.70 crore a year ago.

According to the statement released on Tuesday evening, it has also posted a net profit of Rs 2,887.29 crore for the full fiscal 2022-23. A net loss of Rs 176.55 crore was incurred in 2021-22. Suzlon's total income in the current fiscal declined to Rs 5,990.16 crore from Rs 6,603.97 crore in 2021-22.

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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."

Suzlon's shares were trading 8.45 per cent up at Rs 11.55 apiece during midday on Wednesday.

JP Chalasani, Chief Executive Officer of Suzlon Group, said, "FY23 (2022-23) 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."

On May 17, Suzlon Group announced it received an order from Vibrant Energy for 33 wind turbine generators (WTGs) featuring its new 3 MW series with a Hybrid Lattice Tubular (HLT) tower for a 99-MW wind power project which is expected to be commissioned by FY25. (ANI)

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