Suzlon Energy Ltd reports net revenue of Rs 11.35 billion in Q1 2022

Suzlon Energy Limited, a Pune-based renewable energy solutions provider, revealed the results for Q1 2022. The firm reported net revenue of Rs 11.35 billion, a 122% increase compared to Rs 5.31 billion during the same time last year. The company recorded a gross profit of Rs 4.88 billion compared to Rs 3.56 billion, a 37% growth throughout the same period last year. The net loss was Rs 794.8 million in Q1 FY 2022, compared to a Rs 3.84 billion loss in Q1 FY 2021. The earnings before interest, taxes, depreciation and amortization (EBITDA) reached Rs 1.54 billion in Q2 FY 2022, a growth of 69% compared to Rs 910 million in Q1 2021. The EBITDA margin was at 13.6%. Ashwani Kumar, Chief Executive Officer, Suzlon Group, said that due to the second wave of the Covid-19 pandemic, Q1 FY22 was affected, which made it challenging to grow the execution. He said that the abrupt growth in steel prices by approximately 73.8% in a year severely affected the firm's margins. However, the renewable company is keeping track of its operations. The company has provided turbines to more than 12.9 GW of wind installations in India, 33% of the cumulative wind energy installations, making it the biggest player in the industry. In July 2021, the firm announced a 12.34% rise in its net revenue in FY 2021. The net revenue of the company reached Rs 32.95 billion in FY2021 as compared to Rs 29.33 billion throughout the same time last year. Earlier, Suzlon revealed that it won an order from CLP India to establish a 252 MW wind power project. The project is located in Sidhpur, Gujarat, and is likely to be approved in 2022. The company would establish 120 units of S120-140 M wind turbine generators (WTGs), including a hybrid lattice tubular tower, with a rated capacity of 2.1 MW each. Image Source Also read: Suzlon Energy registers Rs 32.95 bn revenue in FY21