Suzlon Energy shares zoom 7% post Q4 earnings; market cap crosses Rs 13,000 crore

Shares of Suzlon Energy Ltd rose nearly 7 per cent in early deals after the renewable energy solutions provider firm reported a stellar earnings for the quarter ended March 2023.

Share price of Suzlon Energy gained 6.84 per cent to Rs 11.40 against the previous close of Rs 10.67 on BSE. The market capitalisation of Suzlon Energy crossed Rs 13k crore mark in the early deals today. The market cap climbed to Rs 13,652.40 crore on BSE.

In the previous session, market cap of Suzlon Energy rose to Rs 12,994 crore on BSE.

A total of 418.73 lakh shares of the firm changed hands amounting to a turnover of Rs 46.19 crore.

In terms of technicals, the relative strength index (RSI) of Suzlon Energy stock stands at 73.6, signaling it's trading in the overbought zone. The stock has a beta of 1.4, indicating high volatility in a year. Suzlon Energy stock is trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

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Suzlon Energy posted a consolidated net profit of Rs 319.99 crore for the March 2023 quarter led by lower expenses. The company reported a consolidated net loss of Rs 205.52 crore in the quarter ended on March 31, 2022. The earnings were announced after market hours on Tuesday.

Total income from operations fell to Rs 1,699.96 crore in Q4 from Rs 2,478.73 crore a year ago. Total expenses declined to Rs 1,628.39 crore in the March 2023 quarter from Rs 2,511.70 crore a year ago.

In the last fiscal, Suzlon Energy posted a consolidated net profit of Rs 2,887.29 crore against a net loss of Rs 176.55 crore in 2021-22. However, total income in the fiscal dipped to Rs 5,990.16 crore from Rs 6,603.97 crore in 2021-22.

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Revenue fell to Rs 5946.84 crore in the March 2023 fiscal against Rs 6519.95 crore for the fiscal ended March 2022.

Suzlon Energy is a provider of renewable energy solutions. The company is a producer of wind turbines. It offers a range of solar energy solutions, such as solar irradiance assessment, land acquisition and approvals, infrastructure and power evacuation, supply chain, installation and commission and life cycle asset management.

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