Suzlon Energy hits a 52-week high after renewable energy firm announces Q3 results, restructuring plan

Suzlon Energy Share Price: Suzlon Energy hit a 52-week high of Rs 48.31 on BSE on Thursday (February 1, 2024) in the first trading session after its announced its December quarter results. 

The Suzlon Energy stock hit the upper limit of five per cent, at Rs 48.31 many times during the day before closing at the same level.

The company reported its third-quarter results on Wednesday, reporting a 159 per cent rise in its consolidated profit and 7.17 per cent jump in revenue from operations Year-on-Year (YoY).

Its profit after tax (PAT) skyrocketed to Rs 203.04 crore in the quarter under review from Rs 78.36 crore in the corresponding period last year.

The company's revenue from operations, meanwhile, rose by 7.17 per cent to Rs 1,552.91 crore in Q3 FY24 compared to Rs 1,448.97 crore in the year-ago period.

Restructuring Plan

The company on Thursday informed bourses about its restructuring plan.

The company said that it was "right sizing the balance sheet of Suzlon Energy Limited, based at Mauritius (“SELM”), a wholly owned subsidiary of the Company, by buy back of 4,363,525,065 equity shares held by the Company in SELM against a consideration of 4,699,567 non-cumulative redeemable preference shares of SELM." 

Suzlon Energy Share Performance

The Suzlon Energy stock's performance in the last one year has been outstanding.

It has soared by 161.41 per cent in the last six months and 423.97 per cent in the last one year.

It has outperformed the benchmark Nifty 50 by miles.

Nifty 50 has risen by 11.12 per cent in the six months while 23.21 per cent in the one year.