Suzlon Energy’s shares continue to face the consequences of weak quarterly results, hitting a 5% lower circuit for the second consecutive day, currently trading at Rs 18.05. The company’s consolidated net profit plummeted by 96% to Rs 101 crore in Q1 FY 2024, compared to Rs 2433 crore in the same quarter the previous year. The net revenue also declined to Rs 1,348 crore in the June quarter from Rs 1,378 crore in the year-ago period.
Suzlon Energy’s Shares Hit 5% Lower Circuit After 96% Dip in Q1 FY 2024 Net Profit
Suzlon Group’s leadership expressed optimism about leading the green energy transition in India. CEO JP Chalasani highlighted their stable growth, focus on strengthening the balance sheet, reducing debt, and increasing the total order to meet the current target of 1582 MW.
Suzlon Group’s Vision for Green Energy Transition in India
Despite recent declines, Suzlon Energy’s shares have delivered remarkable returns to investors in the past. The stock has gained 29% in the last month, 98% in the last 6 months, and an impressive 214% in the last year, with a substantial 340% gain over the last three years.