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Suzlon Announces Strong Q4 and FY23 Results

In Business
May 31, 2023

Suzlon Group, India’s largest renewable energy solutions provider, announced its fourth quarter (Q4 FY23) and annual audited results for financial year 2022-23 (FY23).

Girish Tanti, Vice Chairman, Suzlon Group, said, “It is heartening that our efforts to strengthen the organization 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 said, “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.”

Himanshu Mody, Chief Financial Officer, Suzlon Group, said, “FY23 has been a gratifying year for us with strong results across all parameters. Our balance sheet is stronger and leaner as a result of net debt reduction to INR 1,180 crores with the successful Rights Issue in FY23 playing a crucial role. Our consolidated FY23 PAT before exceptional items of Rs. 167 crores is the highest reported by the company in 6 years and we turned net worth positive after a decade. With consistent efforts, I am happy to say that all balance sheet issues of the past have been resolved in FY23 and our fundamentals have strengthened with a bottom-line focus. These results have come at the right time when India’s overall financial climate is encouraging wherein inflation is under control, and the economy is showing great resilience going forward.”