Suzlon Energy Share Price Updates: Suzlon bags wind power project in Rajasthan; stock remains range-bound, up by 1.8%

Pinaki Bhattacharyya, Managing Director & CEO of AMPIN Energy Transition, stated, “We are at the forefront of India’s renewable energy revolution, steadfastly expanding the reach and impact of sustainable power. Our collaboration with Suzlon, a global leader in renewable energy solutions, is pivotal as it enhances our capacity to deliver on our green energy commitments. Together, we’re not just meeting but also exceeding our customers’ expectations for sustainability and reliability. This partnership is a significant step towards our goal of advancing India’s energy landscape towards a more sustainable and renewable future.”

Earlier this year, Suzlon reported performance with a revenue of ₹6,497 crore for FY24 and ₹2,179 crore for Q4 FY24. The company’s EBITDA stood at ₹1,029 crore for FY24 and ₹357 crore for Q4 FY24. PAT before exceptional items for FY24 saw a 428% increase to ₹714 crores YoY, while Q4 FY24 saw a 411% increase to ₹281 crores YoY.

Vinod Jhaveri, an independent analyst from Pure Technicals, Vadodara, said, “Gujarat is bullish on Renewable Energy sector and particularly on stock Suzlon with a target price of Rs 65. The stock been making a HH - HL pattern on daily chart and above all major moving averages.”

Vivek Srivastava, Chief Executive Officer, India Business, Suzlon Group, said, “Suzlon and AMPIN Energy Transition are committed to the expansion of renewable energy in India. Going forward, we will see the industry add on increasing volumes of hybrid renewable energy projects, which will be the cornerstone of effective energy transition. We are delighted that this order is part of a larger hybrid project from SECI bids and C&I requirements. We stand committed to powering India Inc.’s growth with sustainable energy solutions. Every Suzlon turbine is manufactured in India through a thriving domestic ecosystem, which is a testament to ‘Make in India’ and ‘Aatmanirbhar Bharat,’ contributing to a greener world.”

Suzlon Energy secured a 103.95 MW wind power project order from AMPIN Energy Transition, involving the installation of 33 wind turbines in Rajasthan’s Fatehgarh district. The project, part of the Hybrid Project under SECI and C&I bids, will supply electricity to approximately 85,000 households and reduce CO2 emissions by 3.38 lakh tonnes annually. Suzlon will handle equipment supply, project execution, and post-commissioning maintenance. The shares were up by 2.05% to ₹48.32 on the BSE.

Suzlon Energy recently hosted a conference call following the resignation of independent director Marc Desaedeleer. In his resignation letter, he expressed concerns about the company’s corporate governance and transparency, which did not meet his expectations. However, he acknowledged Suzlon’s financial and operational turnaround. The company emphasized that there are no allegations of financial or legal impropriety and outlined measures to enhance transparency and improve information-sharing processes. ICICI Securities maintains a BUY rating on Suzlon with a target price of ₹60.