The shares of Suzlon Energy Limited on Wednesday (November 13) saw a notable dip, trading in red.
By 12:58 PM IST, the company’s stock price had fallen to Rs 54.64 per share, a drop of 8 per cent. The stock had opened at Rs 58.00 and touched a high of Rs 59.28, with the day’s lowest point recorded at Rs 54.00, during the intraday trading hours.
Share performance
Similarly, on BSE, the shares were trading at Rs 54.60, down by 8.07 per cent.
The current market capitalisation of the company as of now stood at Rs 74,570 crore, while the P/E ratio sits at 77.24. Moreover, look at the 52-week high and low, the company’s stock had previously reached a 52-week high of Rs 86.04 and a low of Rs 33.90.
Management change
This sharp decline in the stock price of the company comes in the wake of a major management shakeup with Ishwar Chand Mangal, CEO of New Business, announcing his resignation on November 8 after 28-year tenure with Suzlon.
Financial Highlights
Consolidated performance
The company on October 28 announced its financial performance for the quarter ending September 30, 2024, through a regulatory filing. One of the key player in the energy sector, the company reportered a surge in its total income to Rs 2,121.23 crore in Q2FY25, compared to Rs 1,428.69 crore in the same quarter.
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The total expenses for the quarter reached Rs 1,919.65 crore in Q2FY25, up from Rs 1,291.26 crore YoY. This rise in expenses was offset by a net profit surge to Rs 200.60 crore, a jump from Rs 102.29 crore in Q2 FY24.
Standalone Performance
On a standalone basis, Suzlon’s financial health also marked an improvement. The company posted total income of Rs 1,460.05 crore, up from Rs 811.54 crore YoY.
While expenses surged to Rs 1,456.44 crore from Rs 823.38 crore, Suzlon managed to achieve a net profit of Rs 83.72 crore in Q2FY25, a stark contrast to the loss of Rs 5.36 crore reported during the same period last year.
