Suzlon Announces Strong Q4 and FY23 Results
The company clocked INR 5,947 crore of revenue in FY23 and INR 1,690 crore in Q4 FY23. The consolidated FY23 PAT before exceptional items of INR 167 crore is the highest reported by the company in 6 years.
May 31, 2023. By Anurima Mondal
The company registered PAT before exceptional items of INR 167 crore in FY23 and PAT of INR 68 crore in Q4 FY23. As on May 30 2023, the cumulative orders were 1,542 MW.
Suzlon successfully launched powerful 3 MW series wind turbine technology platform which received an overwhelming response from the market.
Talking about the company’s innovation and performance, Girish Tanti, Vice Chairman, Suzlon Group said, “It is heartening that our efforts to strengthen the organisation and position it strongly in time to meet increasing market demand have been successful. As evident from these results we have closed FY23 with a strong financial performance and the successful launch of our powerful 3 MW technology platform. Our key strategic initiatives remain on track to fuel long-term growth of the company. With a slew of encouraging policy initiatives from the government in 2023, the sector now has much needed visibility, providing momentum for industries to kick-start their journey to net zero, thereby driving balanced and viable growth of the sector. As we embark on a revitalised growth journey, we would like to express our deepest gratitude to all our stakeholders for standing by us during challenging times and look forward to strengthening our relationship further in the next phase of growth for the Group.”
JP Chalasani, Chief Executive Officer, Suzlon Group added, “FY23 has been a year of demonstration and consolidation for Suzlon. We have addressed our challenges comprehensively over the last three years and FY23 was a year where the results were there for all to see. We reduced our net debt by more than 90 percent over the last three years to address our capital structure issues while responding to the market requirement of a larger wind turbine through our S144 – 3 MW series technology platform. Today we have cumulative orders of 1,542 MW which is the highest since 2019 and includes the order book as on March 31, 2023, of 652 MW plus orders secured subsequently of 890 MW. Out of this 780 MW is for our new 3 MW series demonstrating the immense trust that our customers have in Suzlon’s expertise and product technology. We have worked tirelessly and successfully to strengthen every aspect of the company in line with the vision defined by our late CMD Shri. Tulsi Tanti, setting up the company strongly to leverage the tailwinds of the sector from a position of strength.”
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