Suzlon Energy surges 4% on bagging repeat order

Suzlon Energy shares surged 4.32 per cent to hit an intraday high of Rs 37.15 after securing a repeat order from The KP Group.The renewable-energy solutions player, Suzlon Energy bagged the repeat order of 193.2 MW from the Gujarat-based group, according to an exchange filing.

This will be part of Wind-Solar Hybrid and STU’s (State Transmission Utility) tariff-based project for increasing renewable energy contribution in Gujarat. Suzlon will supply 92 units of their S120 – 2.1 MW wind turbine generators (WTGs) with a 140m Hybrid Lattice Tubular (HLT) tower at Vagra and Vilayat in Bharuch district of Gujarat, according to an official statement.

The global renewable energy firm will execute the project with a scope of supply, supervision, and commissioning. Additionally, Suzlon will also undertake post-commissioning operation and maintenance services.

JP Chalasani, Chief Executive Office (CEO) at Suzlon Group, said, “The power generated from this project will inter-alia serve the Commercial & Industrial (C&I) consumer segment and the people of Gujarat with clean, green, renewable power.”

Dr Farukbhai Gulambhai Patel, Chairman and MD for KP Group, said, “This project is in line with our goal to unlock India’s renewable energy potential and power the commercial and industrial sectors and the people of Gujarat.”

In the quarter ended September, earrings before tax, depreciation, and amortisation (EBITDA) rose 32.6 per cent higher to reach Rs 225 crore, as against Rs 169.7 crore last year in the same period.

The EBITDA margin also increased from 15.9 per cent. from 11.9 per cent recorded in the last quarter previous year, while the revenue of the enterprise fell marginally from Rs 1,430 crore to Rs 1,417 crore.

As of 10:42 pm, Suzlon Energy was trading 3.90 per cent higher at Rs 37 per share.