Suzlon Energy shares: Mukul Agrawal's latest stock pick drops 10% in 2 days

Shares of Suzlon Energy, where seasoned investor Mukul Agrawal made an entry in the June quarter, fell 5 per cent on Wednesday morning, taking their two-day fall to nearly 10 per cent, following the less-than-expected June quarter results by India’s largest renewable energy solutions provider.

Agrawal owned 13 crore shares or 1.04 per cent stake in Suzlon Energy as on June 30. He was not among Suzlon shareholders with over 1 per cent stake as on March 31. Suzlon Energy fell 5 per cent to hit lower circuit limit at Rs 18.05 on BSE. This was in addition to a 5 per cent in the previous session following the company’s disappointing Q1 results. The stock is down 9.75 per cent for the two-day period.

Suzlon Energy reported a 95.85 per cent year-on-year (YoY) drop in net profit at Rs 100.90 crore for the June quarter compared with Rs 2,392.87 crore in the same quarter last year. The numbers were lower  the year-ago profit figure was inflated by exceptional items. Excluding exceptional items, Suzlon Energy had reported a loss of Rs 66 crore in the June quarter of 2022.

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Agrawal’s Q1 entry and exits

Other than Suzlon Energy, Agrawal was seen entering into Zen Technologies in the June quarter. Apollo Pipes, CL Educate, EKI Energy Services, Karur Vysya Bank and Paras Defence and Space Technologies were among stocks Agrawal probably exited in Q1.  

He upped stakes in stocks such as Capacit'e Infraprojects, Kanoria Chemicals & Industries, Dishman Carbogen Amcis and Suryoday Small Finance Bank, among others, in the quarter gone by. He sold stakes in Goldiam International, Ethos, Bhagiradha Chemicals & Industries, Newgen Software Technologies and Raymond were among stocks where the seasoned investor cut stakes in the June quarter.

Suzlon Energy Q1 results

Suzlon Energy reported a revenue of Rs 1,347.52 crore for the quarter, down 2.18 per cent from Rs 1,377.58 crore in the corresponding quarter last year. Suzlon Energy said its cumulative orders stood at nearly 1.6 GW. Ebitda margin for the quarter stood at 15.4 per cent.

After a sustained effort to reduce debt in FY23 that resulted in a healthier and sustainable balance sheet for the company, Suzlon Energy said its focus in FY24 remains on funding its operations and fulfilling our commitments to customers and other stakeholders. The company said its 28th Annual General Meeting will be held on September 27, Wednesday, through video conferencing or other audio visual means as permitted by the Ministry of Corporate Affairs (MCA) and the Sebi.

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The largest renewable energy solutions provider said its Wind Turbine Generator (WTG) segment recorded a revenue of Rs 803.28 crore for the quarter compared with Rs 831.82 crore YoY. Foundry and forging segment saw a drop in revenue to Rs 111.53 crore from Rs 120.44 crore. Its operating & maintenance service segment saw revenue rising to Rs 493.13 crore from Rs 453.81 crore.

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