Suzlon Energy share price in focus on rating upgrade. Check details
The renewable energy player, Suzlon Energy said it has received a credit rating upgrade from CRISIL and a fresh rating assignment from ICRA.
CRISIL has upgraded Suzlon's long-term rating to 'CRISIL A+ / Stable' from 'CRISIL A / Positive', while maintaining its short-term rating at 'CRISIL A1'.
The total amount of bank loan facilities assigned a rating by CRISIL has been increased to ₹ 5,685 crore, up from the previous ₹ 3,050 crore. In addition, ICRA has provided a long-term rating of [ICRA]A+ (Stable) and a short-term rating of [ICRA]A1 for Suzlon's bank loan facilities totaling ₹ 2,635 crore.
Suzlon Energy announced last month that it has received its third consecutive order from AMPIN for a 170.1 MW wind energy project located in Kurnool, Andhra Pradesh. Under this agreement, Suzlon will provide 54 of its advanced wind turbine generators (WTGs) with Hybrid Lattice Towers (HLT), each capable of producing 3.15 MW of power, according to a company statement.
The work involved encompasses complete project execution, which includes equipment supply, installation, commissioning, and long-term operations and maintenance services. The total orders from AMPIN Energy now amount to 303 MW.
Vivek Srivastava, Chief Executive Officer of India Business at Suzlon Group, stated that the three orders from AMPIN demonstrate the strength of a shared mission. We are collectively dedicated to achieving a self-reliant, affordable, and sustainable energy future by combining innovation, local manufacturing, and extensive sector knowledge to support the decarbonization of India's power distribution system.
Suzlon Energy announced a nearly five-fold increase in its consolidated net profit, reaching ₹ 1,181 crore for the March quarter, primarily driven by higher revenues. According to a BSE filing, the company reported a consolidated net profit of ₹ 254 crore for the quarter that ended in March 2024.
Its total revenue rose to ₹ 3,825.19 crore in the quarter, compared to ₹ 2,207.43 crore from the same period last year.
For the fiscal year 2024-25, the consolidated net profit increased to ₹ 2,072 crore, up from ₹ 660 crore in the previous financial year.
The total revenue for the fiscal year grew to ₹ 10,993.13 crore, compared to ₹ 6,567.51 crore in the same period last year.
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