Suzlon Shares Surge 5% on Strong Q2 Earnings

New Delhi, Nov 2 (PTI) Shares of Suzlon Energy on Thursday jumped nearly 5 per cent after the company posted an over 81 per cent rise in consolidated net profit for the September quarter 2023-24.

The stock rallied 4.69 per cent to settle at Rs 32.80 apiece on the BSE. During the day, it climbed 4.97 per cent to Rs 32.89.

On the NSE, it advanced 4.31 per cent to Rs 32.65 per share.

Suzlon Energy on Thursday posted an over 81 per cent rise in consolidated net profit to Rs 102.29 crore for the September quarter 2023-24 mainly due to a decline in expenses.

Net profit in the year-ago period was Rs 56.47 crore, according to a BSE filing by the company.

Total income declined to Rs 1,428.69 crore in the second quarter from Rs 1,442.58 crore in the same period a year ago. Total expenses also dipped to Rs 1,291.26 crore from Rs 1,427.84 crore.

"At the end of Q2 FY24, our order book stands at a healthy 1,613 MW...Our service business continues to do well, while our forging and foundry business SE Forge consolidated on its foundation for future growth," J P Chalasani, Chief Executive Officer of Suzlon Group, said.