Multibagger stock Suzlon bags a 642 MW order from a joint venture of Brookfield and Axis Energy

Suzlon Group, India’s one of the renewable energy champions, has secured a massive order for 642 MW of wind turbines from Evren, a joint venture between Brookfield and Axis Energy. This landmark project, located in Andhra Pradesh, will utilize 214 of Suzlon’s powerful 3 MW turbines, each boasting a Hybrid Lattice Tubular tower and the impressive S144-140m blade span.

Suzlon’s commitment extends beyond equipment supply, encompassing installation, commissioning, and comprehensive post-commissioning operations and maintenance.

The Indian government has been supportive of renewable energy in recent years, and the Union Budget 2025 is expected to include several measures to promote the sector. These measures could include tax breaks for renewable energy companies, subsidies for consumers who purchase renewable energy, and investments in renewable energy infrastructure.

The Indian wind power market is one of the fastest-growing in the world, and Suzlon is well-positioned to take advantage of this growth. The company has a strong track record of success in the Indian market, and it is committed to providing clean and affordable energy to the country.

Financial Performance

In Q2FY24, the company posted a 0.92% decline in its consolidated revenue at Rs 1,417.21 crore compared to Rs 1,430.38 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 232.30 crore, while the PAT of the company stood at Rs 102.29 crore, from Rs 56.47 crore last year in the same quarter.

Business Overview

The Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.3 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India, the Group comprises Suzlon Energy Limited and its subsidiaries. A vertically integrated organization, with in‐house research and development (R&D) centres in Germany, the Netherlands, Denmark, and India, Suzlon’s world‐class manufacturing facilities are spread across 14 locations in India.

Stock Price Movement

Today, the stock opened at Rs 43.64, with a high and low of Rs 44.70 and Rs 42.76, respectively. The stock is currently trading at Rs 44.23, which increased by 2.22%. The stock has a 52-week high of Rs 45.70 and a 52-week low of Rs 6.96.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.