During the quarter, EBITDA stood at Rs 207 crore as against Rs 185 crore posted in corresponding quarter last year. EBITDA margin improved to 15.4% in Q1 FY24 as compared with 13.4% posted in Q1 FY23.

Net debt stood at Rs 1,223 crore as on 30 June 2023 as against Rs 1,180 as of 31 March 2023.

Girish Tanti, vice chairman, Suzlon Group, said on the occasion, “Suzlon recently dedicated 20 GW of wind energy installations worldwide, as the world accelerates its green energy transition and India takes decisive strides to achieve net zero by 2070. With the country poised to lead decarbonization of its economy we are seeing renewed enthusiasm from India Inc. to drive this green energy transition.”

JP Chalasani, chief executive officer, Suzlon Group, said, “India recently announced 173 GW of renewable energy installations by May 2023. At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt our focus is now on ramping up our operations to service our cumulative orders which stand at a healthy 1,582 MW as on date. The serial production of our larger turbines in the 3MW to 3.15MW series with a rotor diameter of 144mts is one of our top priorities going forward in line with customer expectations. Our service business demonstrated its operational excellence and customer first approach by proactively handling the damaging impact of the Biparjoy cyclone in Gujarat while our forging and foundry business, SE Forge is positioned well to capitalize on the opportunities offered by the sector.”

Himanshu Mody, chief financial officer, Suzlon Group, said, “Q1 of FY24 takes forward our consistent efforts to consolidate and stabilize our performance over the last few quarters. Q1 FY24 shows YoY growth and an improvement in overall profitability with a steady performance on all our key parameters. After a sustained effort to reduce debt in FY23 which has resulted in a healthier and sustainable balance sheet for the company our focus in FY24 remains on funding our operations and fulfilling our commitments to customers and other stakeholders. We continue to maintain strict control on costs and are in the process of further optimizing our organizational structure to drive excellence and continual improvement on the strong foundation set with over the last three years.”

The Suzlon Group is one of the leading renewable energy solutions provider in the world with presence in 17 countries.

The scrip hit 52 week high at Rs 20.80 in intraday today.