Suzlon Energy (SUZLON) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly deliveries of 447 MW in Q3 FY25, with consolidated revenue of ₹2,969 Cr and EBITDA of ₹500 Cr; PAT reached ₹388 Cr, reflecting robust operational and financial performance.

• Manufacturing capacity expanded to over 4.5 GW, supported by revamped facilities and a record firm order book of 5.5 GW, with the S144 turbine model surpassing 5 GW in orders.

• Maintained a strong net cash position of ₹1,107 Cr as of December 2024, and received a CRISIL rating upgrade to A/Positive, the second upgrade in a year.

• Strong execution focus and a dominant market position in India, with a 31% cumulative market share and a 15 GW installed base.

• Consolidated net profit for the quarter ended December 31, 2024, was ₹386.92 crore, up from ₹200.20 crore in the previous quarter and ₹203.04 crore in the same quarter last year.

Financial highlights

• Q3 FY25 consolidated revenue reached ₹2,969 Cr, up 91% year-over-year and 42% sequentially; EBITDA for Q3 FY25 at ₹500 Cr, a 102% YoY increase and 70% sequential growth; PAT at ₹388 Cr, up 91% YoY and 93% QoQ.

• For 9M FY25, revenue grew 64% YoY to ₹7,078 Cr, EBITDA rose 73% YoY to ₹1,164 Cr, and PAT surged 120% YoY to ₹891 Cr.

• Contribution margin for Q3 FY25 was 33.6%, and EBITDA margin improved to 16.8%.

• Net worth as of December 2024 stands at ₹4,914 Cr, with a net cash position of ₹1,107 Cr.

• Earnings per share (EPS) for the quarter stood at ₹0.28 (consolidated) and ₹0.15 (standalone), both higher than previous periods.

Outlook and guidance

• Revenue visibility secured for the next two fiscal years with a 24-month order execution timeline and a record 5.5 GW order book.

• Guidance for WTG segment contribution margin raised to around 20% on a steady-state basis.

• Annual CAPEX guidance maintained at ₹350-400 Cr for the next 2-3 years, focused on capacity augmentation.

• No volume guidance provided for FY26 due to execution uncertainties, but growth expected to continue.

• S144 turbine model expected to remain dominant in the Indian market, with commercial production in full swing.