Renewable energy solutions provider, Suzlon Energy reported a consolidated net profit of `320 crore during the March 2023 quarter. The company posted a loss of Rs 203 crore in the March ’22 quarter. Suzlon reported a 30% year-on-year (y-o-y) fall in revenues to Rs 1,690 crore. A 35% y-o-y decline in expenses to Rs 1,628.39 helped the company post profits during the quarter.
Himanshu Mody, CFP, Suzlon Group, said, their balance sheet was stronger and leaner as a result of net debt reduction to Rs 1,180 crores with the successful rights issue in FY23 playing a crucial role. The net debt in the Marc ’22 quarter was Rs 5,796 crore. Net finance costs reduced 44% on y-o-y basis. “Our consolidated FY23 PAT before exceptional items of Rs 167 crore is the highest reported by the company in six years and we turned net worth positive after a decade,” Mody said.
