Positive Momentum: Suzlon's Shares Climb 3% After Securing 100.8 MW Wind Energy Contract

Suzlon Energy experienced a nearly 3 percent surge in its share prices during the morning trading hours, on December 15. The surge in share value was attributed to the company securing a substantial 100.8 MW order for its 3 MW series from a prominent global utility.

Suzlon is set to carry out the project, encompassing supply, supervision, and commissioning. The company will be responsible for post-commissioning operation and maintenance services. The installation will consist of 32 wind turbine generators (WTGs) featuring a Hybrid Lattice Tubular (HLT) tower, each with a rated capacity of 3.15 MW. The project is situated in Gujarat.

At 12:40 pm, the shares of the company were trading at Rs 38 price level, up by more than 2 per cent on the National Stock Exchange.

"The power generated from this project will serve the people of Gujarat with clean, green, renewable power. As India's ambitions to be carbon neutral take momentum we are committed to partnering with all stakeholders every step of the way. The Suzlon 3 MW series is the next stage evolution of our proven technology, customized for the Indian wind regime and 3.15 MW is one of the largest wind turbines in the country today," Girish Tanti, Vice Chairman, Suzlon Group said in a statement.

During the second quarter of the fiscal year 2024, the company recorded a 45 percent year-on-year (YoY) increase in net profits, reaching Rs 102 crore. However, there was a slight decline in the company's revenue, dropping to Rs 1,417 crore from Rs 1,430 crore compared to the corresponding period in the previous year.