Suzlon Q3 net profit jumps to Rs 203 crore

New Delhi: Renewable energy solutions provider Suzlon Energy on Wednesday posted a nearly 160 per cent jump in its consolidated net profit to Rs 203.04 crore in the December quarter, on the back of higher revenues.

Its consolidated net profit was Rs 78.28 crore in the quarter ended on December 31, 2022, according to a regulatory filing.

Total income rose to Rs 1,569.71 crore in the third quarter from Rs 1,464.15 crore a year ago.

"In Q3 of FY24, we concluded 2023 on a strong note. The quarter showcased impactful policies propelling India's renewable energy vision ahead," Girish Tanti, Vice Chairman at Suzlon Group, said in a statement.

"Our service business continues to do well. We are concentrating our efforts towards creating a better customer experience, a stronger organisation and management structure in our service business in line with expected growth of the sector," JP Chalasani, Chief Executive Officer of Suzlon Group, said.

"In Q3 FY24, we have seen consistent improvement in performance across parameters with healthier margins, a net cash position and higher YoY EBIDTA," Himanshu Mody, Chief Financial Officer of Suzlon Group, said in the statement.

Suzlon Group is one of the leading renewable energy solutions providers in the world with 20.5 GW of wind energy capacity installed across 17 countries.

Headquartered at Suzlon One Earth in Pune, India; the group comprises Suzlon Energy Ltd and its subsidiaries.