Suzlon Energy Share Price Gains Ahead Of Q1 Results Announcement

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 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%.