The shares of Suzlon Energy Ltd., was trading higher ahead of the company posting its first quarter results. The company in the previous quarter had reported a nearly fivefold surge in its fourth-quarter net profit, majorly due to a deferred tax credit but also driven by solid revenue and operating income growth.
Consolidated net profit had surged 365% to Rs 1,182 crore in the January-March quarter. The company had a deferred tax credit of Rs 600 crore in the previous quarter. Revenue from operations had jumped 73% while the Ebitda more than doubled as well.
Suzlon Energy's order book stands at 5.6 GW, as reported in the previous quarter and deliveries had jumped 110% year-on-year in the fourth quarter to reach a record 573 MW.
Suzlon Energy Share Price
Suzlon stock rose as much as 1.86% during the day to Rs 64.2 apiece on the NSE. It was trading 0.32% higher at Rs 63.5 apiece, compared to an 0.16% advance in the benchmark Nifty 50 as of 9:26 a.m.
It had declined 20.98% in the last 12 months and risen 2.14% on a year-to-date basis. The relative strength index was at 54.1.
Eight out of the nine analysts tracking the company have a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 76.7, implying a upside of 19.6%.
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