Suzlon Energy (SUZLON) Q4 23/24 earnings summary

Executive summary

• FY24 delivered revenue of ₹6,497 crore, EBITDA of ₹1,029 crore and PAT before exceptional items of ₹714 crore; each was the highest reported in several years, with EBITDA and adjusted PAT at seven-year highs.

• The year ended with a record 3.3 GW order book and net cash of ₹1,148 crore, strengthening readiness to participate in India’s energy transition.

Financial highlights

• FY24 revenue was ₹6,497 crore versus ₹5,947 crore in FY23; Q4 FY24 revenue was ₹2,179 crore versus ₹1,690 crore in Q4 FY23.

• FY24 EBITDA was ₹1,029 crore versus ₹832 crore; Q4 FY24 EBITDA was ₹357 crore versus ₹233 crore in Q4 FY23.

• FY24 PAT before exceptional items was ₹714 crore versus ₹167 crore; Q4 FY24 was ₹281 crore versus ₹68 crore in Q4 FY23.

• FY24 net profit after tax was ₹660 crore versus ₹2,887 crore in FY23, which included a ₹2,721 crore exceptional gain; FY24 exceptional loss was ₹54 crore.

Outlook and guidance

• India’s wind order book reached 3.3 GW as of March 2024, including orders announced in May; a further 402 MW order was secured from Juniper Green Energy.

• S144 production is ramping up to meet demand; the model had more than 2.8 GW of firm orders, with deliveries started in Q3 FY24 and commissioning in Q4 FY24.

• India’s manufacturing capacity is ~3,150 MW for 2.1 MW turbines and can ramp to 4,500 MW in phases with 3+ MW turbines.