Earnings Review
Suzlon Energy consol PAT up 95.7% YoY, but misses estimates
This story was originally published at 20:22 IST on 28 October 2024
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--Suzlon Energy Jul-Sept consol net profit INR 2.00 bln vs INR 1.02 bln
--Suzlon Energy Jul-Sept consol revenue INR 20.93 bln vs INR 14.17 bln
--Suzlon Energy Apr-Sept consol net profit INR 5.02 bln vs INR 2.03 bln
--Suzlon Energy Apr-Sept consol revenue INR 41.09 bln vs INR 27.65 bln
--Suzlon Energy Jul-Sept consol EBITDA INR 2.94 bln, up 31% on year
--Suzlon Energy order book 5.1 GW as on Sept 30
--Suzlon Energy Jul-Sept consol EBITDA margin 14.1% vs 15.9% year ago
--Suzlon Energy Jul-Sept consol net volumes 256 MW vs 132 MW year ago
--Suzlon Energy board OKs capital recast, to set off losses against reserves
By Ketan Barot
MUMBAI – Suzlon Energy Ltd.'s consolidated net profit for the September quarter rose on year, led by robust deliveries and order wins. However, the company's top line and bottom line missed analysts' estimates.
The company recorded a consolidated net profit of INR 2.00 billion in Jul-Sept, up 95.7% on year. Analysts had expected the company to report a consolidated net profit in the range of INR 3.25 billion–INR 3.78 billion. The company reported revenues of INR 20.93 billion in the September quarter, up 47.7% on year. Analysts had expected the company to report a consolidated revenue in the range of INR 24.54 billion–INR 27.76 billion.
The company reported a consolidated net profit of INR 5.02 billion in Apr-Sept, up from INR 2.03 billion a year ago. For Apr-Sept, the company reported a consolidated revenue of INR 41.09 billion, up from INR 27.65 billion in the same period a year ago.
The company's consolidated earnings before interest, tax, depreciation, and amortisation for the September quarter was INR 2.94 billion, up from INR 2.25 billion in the same period a year ago. The company's EBITDA margin for the September quarter was 14.1%, down from 15.9% in the same period a year ago. Suzlon's sales volumes for the reporting quarter were 256 megawatts, up 93.9% on year. The company's other income for the September quarter was INR 179 million, up from INR 73 million in the same period a year ago.
The company's cost of raw materials consumed was INR 16.07 billion, up 77.6% on year. The company's other expenses were INR 2.65 billion, up from INR 1.81 billion in the same period a year ago. The company's order book was at 5.1 gigawatts.
On a year-on-year basis, in the September quarter, the company's growth in other expenses was the highest in 12 quarters, while growth in employee benefit expense was the highest in 17 quarters. Growth in depreciation and amortisation expense was the highest in 10 quarters. At the same time, growth in total expenses was the highest in 10 quarters.
The company's wind order book grew by 400 megawatt during the quarter, taking the total order book value to 5,131 MW, after it secured an order from Jindal Renewables. Suzlon Energy's board approved the restructuring of the company's balance sheet to offset the debit balance in the retained earnings account of the company by setting it off against capital reserves, capital contribution, capital redemption reserve, and securities premium. The balance in the company's general reserve account will be reclassified to the retained earnings account. On Monday, shares of Suzlon Energy closed at INR 70.84 on the National Stock Exchange, up 5%. The company announced its earnings post market hours. End
Edited by Tanima Banerjee
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